Bitcoin takes another hit

Yesterday it was noted on the Quick News; that Bitcoin was at risk of a deeper drop if it did not hold the next noted support level. That was in place at 42,296 and represented the low seen back on December 4. Well, it did hold that level yesterday when falling to as low as 42,440. However, it has not been so lucky today and the drop back below 42,500 at the start of the Asian session today delivered a really steep sell off that has extended to as low as 41,008 so far. That drop has taken it closer to the next notable support. That is in place at 39,625 and was the low point seen back on September 22 last year. The move lower comes amid some leading analyst calls, arguing for a test of the 38k handle. Beyond that, the current configuration is not at all positive and from this perspective there is not much to suggest that 38k is a price point that might rest the downside, as some would suggest. Of course it has to get there first. The range seen today so far has been covered by 41,008 to 43,223. It has rebounded off that earlier low and is currently trading at 41,720