Bitcoin facing further pressure today

Yesterday Bitcoin was simply unable to hold an early session rebound back above 50k, as was noted here at the time. The subsequent drop back below 49k later extended to as low as 47,343 by the time of the wider US market close. Earlier today it did try to rebound during the Asian session, but so far that rebound has blown out at 48,783. It is now falling back below 48k once more and the risk of another lurch lower seems elevated right now. The immediate observation here; is that the huge slump last weekend has really taken the wind out of the sails on this one and it has been struggling to recover upside momentum all week really. In order to really do that it will need to rebound back above 53,650 and so far it has not come close to achieving that. The range seen so far today has been covered by 47,469 to 48,783 and it is currently trading at 47,810