Bitcoin takes out 45k again

The major cryptocurrencies are facing further pressure today. This prospect was highlighted here earlier and the trepidation that marked the rebounds for BTC and Ether yesterday has given way to some further selling today. So far Bitcoin has not dropped below the lows seen yesterday, but right now it is heading back in that direction as the toxic cocktail of a higher dollar, lower stocks and increased risk aversion seems to impact the lead coin once again. The risk of a break below 43k today is still elevated and of course if that happens then the next big level of psychological support is likely to be at 40k. The move lower in BTC is also being accompanied by corresponding downside in Ether, as that drops back towards 3,200. Bitcoin is currently trading at 44,710 as it remains camped below its 200 day moving average as noted here earlier on