Bitcoin at risk

Bitcoin fell back to as low as 45,490 on Friday afternoon. However, it managed to rebound slightly into the US close and that rebound was extended over the weekend. The lead cryptocurrency managed to climb back above 48k yesterday, peaking at 48,290. However, it has not fared so well in Asian trading today. It has dropped back towards 46k once more. The move lower is perfectly understandable given the move out of risk assets so far today. The fact that it has not yet taken out the low seen on Friday is a mild positive, but given what is around in terms of market drivers right now, it is not assured. The drop back below its 200 day moving average (now at 47,105) is not technically positive either and the current chart configuration does not look immediately supportive either. It is really a question of just how the crypto market is going to react today and reassess BTC as a potential haven or not. The view here has, and still is; that this is one of the riskiest assets one can own and for that reason it is under potential threat at the start of this week, unless the wider vista can shift back to something more positive. The range for BTC so far today has been covered by 46,252 to 47,566. It is currently trading at 46,350