Bitcoin sets new low on the day

Bitcoin has been repeatedly trying to rebound above 17,000 this afternoon, but each attempt has run into a wave of selling. Earlier today it was noted here that unless it could make a sustained move back above 17,200 there might be more downside to come. Well, not long after that update the price did trade exactly to 17,200, but that was indeed the extent of the rebound. The price is now falling back to fresh session lows as it approaches 16,500. The low point reached yesterday was set at 16,226. Hence that low is not far away right now and it could easily be tested again ahead of the US close. The price has just lifted off the low of the day which has been set at 16,512, but it may not yet be finished with the downside today. Bitcoin is currently trading at 16,560