Bitcoin rejects first attempt above 39k

Earlier today Bitcoin managed to make another move higher. The lead cryptocurrency rose to just above 39k for the first time since January 21. The move peaked at 39,096. It then dropped back quite rapidly towards 38k. It is still clearly trying to correct what was an oversold position, but it is certainly now in a more neutral place as it tries to rebound further. As stated earlier on 40k remains a big psychological hurdle beyond 39k, should it reclaim levels above that price point again today. A lot will depend on how the wider markets shape today and for the rest of the week too, and of course that includes the overall risk dynamic and cost of carry too. The weaker dollar and lower US yields and generally positive equity market outlook are combining to help it retrace those previous losses. However, it is also prone to all those turning around again as well. Bitcoin is currently trading at 38,475