Bitcoin fails to get back above 50k

Yesterday Bitcoin seemingly had everything going for it. The dollar was on the back foot, risk appetite was rising everywhere and the stock markets were all making progress. Well, BTC did make some progress, to a degree, but it once again stopped short of reclaiming that 50k level. The price stalled above 49,500 twice yesterday and in the process set in place a very clearly defined short term double top, at 49,580 and 49,550. Since then it has been tracking lower again and earlier this morning it fell back to a session low at 48,067. It has rebounded off that low right now, but looking at the direction of the 21 and 50 moving averages; they are both falling back steeply still and indicate a lower trend in process. That can change of course, but in order for that to happen it is going to require a much more dynamic rise than we have seen so far this week. Bitcoin is currently trading at 48,490