Bitcoin trying to base out ahead of 41k

The price of Bitcoin has been under pressure this afternoon. Earlier on it tried to rebound back above 42,500, but that rebound blew out and a subsequent drop back to session lows unfolded. The price action at around 41,500 in recent trade is trying to form a base and so far that has successfully halted any move to below the 100 day moving average. As noted here earlier today, that is in place just above 41k. It has actually shifted ever so slightly lower and now resides at 41,049. This is the support point of note in the near term if the current basing action around 41,500 does not manage to hold the downside. Bitcoin is currently trading at 41,485