Bitcoin treading water back above 38k so far today

Yesterday the combination of a number of factors helped Bitcoin to rebound back above 38k. The lead cryptocurrency rose to as high as 38,748 just ahead of the wider US close. However, it did set in place a minor double top up there which it is yet to surpass so far today. The range seen during the Asian session today has been covered by that high and a low at 38,207. Hence by Bitcoin standards that is pretty confined. Naturally it will not last for the rest of the day and next upside target for BTC is probably 40k. However, and beyond that are some important retracement targets that might yet come into play if the current rebound continues. Those are at 41,471, 46,730. They represent the 23.6% and 38.2% retracements of the move down from 68,991 to the most recent low at 32,970. The current upswing is still corrective by the looks of it and not yet a guarantee that the downtrend is yet a thing of the past. Bitcoin is currently trading at 38,398