Bitcoin rebounds from earlier drop to below 29k

Bitcoin was under pressure all day yesterday and clearly dragged lower by the price action in Ethereum. The price fell to test 30k ahead of the wider US close before bouncing slightly ahead of the Asian opening. However, it soon sank back once again and the drop through 30k set up a quite rapid move to as low as 28,817 in early Asian trading. That move came as Ethereum dropped to as low as $1042.27. However as that that has recovered so has Bitcoin and a few moments ago it was trading back above 32,000. The move lower today took the price close to the current 50 day moving average that is in place right now at 28,023. Beyond that the first major Fibonacci support level resides at 27,440 should the price suffer another major downturn today. Once again it will be important to play close attention to the price action in ETHUSD again today as that is clearly still leading the price action. Bitcoin is currently trading at 31,875