Bitcoin overnight gains evaporate

Earlier today ahead of the European opening, Bitcoin was looking like it could make some more corrective gains. However, that has so far not been the case and since the European equity market reopening, the price has fallen back below 17,000 again. That move was a clear break below some interim technical support in place at just above that level. The sell off has extended a little more as it drops back towards 16,750. This latest move lower is not entirely conclusive as we know just how quickly it can turn around again. Nevertheless, it does serve as a warning for how confidence has been badly shaken over the past 24 Hours. The risk of a continuation in the downside move seen yesterday is now clearly a little more elevated that it was earlier this morning. Bitcoin is currently trading at 16,825. It will need to rebound back above 17,200 in order to recover the upside momentum it gained earlier today