Bitcoin lifts for another look at key resistance level

Yesterday Bitcoin rejected a sustained move back above 46k and duly slipped back under 45k again. The move higher at stalled just short of a noted Fibonacci resistance level that was in place at 46, 847. To remind the reader of just what that price point represents; it is the 50% retracement of the whole move lower, from 64,869, to the most recent low at 28,824. Well it is still a barrier, but the price is now heading back for another look it seems. It is hard to determine whether or not this level will hold at the second time of asking. That simply remains to be seen, but a clear breach could lead to some further immediate acceleration. Conversely another rejection could deliver another equally rapid move lower. Bitcoin has traded to as high as 46,445 so far and it is just now trading at 46,360