Bitcoin rebound still failing to materialise

Earlier this morning Bitcoin rebounded back above 40k, but the rebound did not get above 40,500 and since then it has slipped backwards again. It has fallen to as low as 39,330 not that long ago. The immediate chart configuration does point to a risk of more downside if the price were to slip below the earlier session low point at 39,264. Of course that is not a given, but increasingly in the short term, the failure to so far make any progress would suggest there is another leg lower possibly about to unfold. Beyond the earlier session low, the next price point of note would be the low set on Friday at 38,350. In order to really negate that downside risk, the price does need to get back above 41k from here on. Bitcoin is just now trading at 39,550