Bitcoin follows stocks higher

Yesterday as the US stock markets reopened and the opening falls there extended, it looked like Bitcoin was headed for a test of 45k. That potential was outlined here beforehand, but in the event it did not unfold. The lead cryptocurrency stopped short of falling back to test that price point. The low seen was 45,558. Then as risk appetite improved somewhat and US stocks rebounded off their lows, BTC followed them higher. It lifted back above 47k ahead of the wider US market close. That meant it lifted back above the 200 day moving average (now at 47,165). That rebound has continued again so far today. Of course the further rise in the US equity futures and gains in Asia have all helped to support that risk dynamic some more. That in turn has helped to push BTC even higher. A short while ago it rose to a session high at 48,819. That move was above some modest downtrend line resistance in place just above 48k. The next notable level on the topside is the 21 day moving average which is currently in place at 49,529. Bitcoin is currently trading at 48,485