Bitcoin still struggling for traction

Yesterday the rebound in Bitcoin, that had taken it up from a December 31 low of 45,658, back close to 48k once more unravelled, as the price dropped back once again. The bulk of the move lower came after the European close and ahead of the wider US market close. The lead cryptocurrency fell back to as low as 45,715. It has recovered some of that ground today in Asian trading, but once again the move higher is far from convincing and looks more corrective than it does dynamic. The range seen so far today has been covered by 45,958 to 46,570. Once again the lead coin is well and truly camped below its 200 day moving average (now at 47,978). It is currently trading at 46,330