Bitcoin rebound stalls above 18,250

Since dropping more than $1000 earlier today, Bitcoin has been trying for most of the European morning to climb higher again. However, and despite repeated attempts, it has been unable to make any headway beyond 18,280. Earlier today Bitcoin rose to set a new 2020 high at 18.479. The fall and subsequent rebound back from levels below 17,300 at the start of the European session, has now led to a triple top being set at around 18,280. Now the price is falling back below 17,850 again and clearly indicating that the move above 18k today has run out of steam for the time being. It was noted here yesterday; that the relative strength index (RSI) was reaching overbought territory and the price action this afternoon is suggestive of a slightly deeper correction about to unfold. Bitcoin is just now trading at 17,810 and unless it can reclaim levels above 18,300 again, then the risk could be for a deeper correction, back towards, or even below 17,250.