Bitcoin mostly sideways for now

Yesterday morning Bitcoin was on the up, buoyed by a further dynamic rise in Ethereum. That allowed Bitcoin to trade to as high as 38,744. However, it was not able to hold those gains as Ether fell back almost $140 from its earlier attempt at breaking above $1700. That move sent Bitcoin down to as low as 36,211 just ahead of the 4pm London FX fix. That more than $1500 drop rather took the wind out of Bitcoin, but it did later rebound back ahead of the wider US market close. Today it has held inside a relatively tight range, so far covered by 36,626 to 37,824. It is currently nearer the top end of that range than the bottom, but overall its still rather sideways. A sustained break back above 38k might change that outlook and the longer term trend higher does look like its still intact. That is assuming that the recent corrective move to 28,817 has now completely run its course. The feeling here is that it has. Bitcoin is currently trading at 37,600