Bitcoin reverses earlier gains

Earlier today Bitcoin tried to rise above 47,600 and potentially above 48,000 but that attempt failed and the price dropped back below 45,000, that move was then followed by another modest rebound back above 46,000. However, as a further relapse in Ether now unfolds, Bitcoin is in grave danger of breaking even lower on the day. A move below 1700 on Ether should ensure that happens. As to where Bitcoin will now end up on the day is of course as uncertain as ever, but the immediate pressure looks to be on the downside right now. Of course pinning Bitcoin down to where it will trade for the next $2000 or even $5000 is sometimes about as easy as trying push an elephant into the back seat of a small car. That is to say that at times it is simply not possible. Bitcoin is now trading close to session lows, currently around 44,850