Bitcoin slides after failing to reclaim 40k

Yesterday Bitcoin had it within its grasp to make a move, to test the 40k handle. However, it could not even make it back above 39k. The lead cryptocurrency stalled at 38,910. The subsequent drop back into the 4pm London FX fix was steep and saw it slump towards 37k. It later took out that level just ahead of the wider US market close and today it has remained under pressure so far. The range seen ahead of the European opening has been covered by 36,760 to 37,221. All of its short term and longer term moving averages are still falling and the closest of those to the current price action is the 21 day moving average. That is in place right now at 38,825. BTC will need to reclaim this level with some gusto on a sustained basis if it is to avoid further losses. It is currently trading at 36,928