Bitcoin reclaims 39K

Well, perhaps it is no much of a surprise to see Bitcoin on the rebound now this morning. As usual there are always a number of buyers on each and every price dip and this morning seems to be no exception to that. The lead cryptocurrency has just reclaimed the 39k handle as it continues to edge up from the earlier Asian lows. Of course the current rebound is still very inconclusive this side of the 200 day moving average. That was in place yesterday at 40,611 and today it now resides at 40,726. Hence, it is still on an upward trajectory and that does underscore the overall longer term trend as being still positive. Of course from a technical perspective, in the short term, that would be better endorsed if the prevailing price can make a clear move away from this level. All the while that does not happen, then one cannot rule out further downside risks. Bitcoin is currently trading at 38,970