Bitcoin turns lower again in weekend trading

Bitcoin is trading lower this evening having earlier failed to make any progress above 16,500 in weekend trading. The price topped out at 16,495 on Friday and then dropped back below 15,800 on Saturday. That move was followed by another rebound back above 16,000, to as high as 16,180 today. However, once again it is has stalled above 16k and is dropping back below the level again on Sunday evening, ahead of the wider Asian market opening. Notwithstanding that, the outlook remains positive and trend higher is still intact. That is especially the case in respect of the immediate short term outlook, all the while the price continues to remain elevated above 15,500. Naturally, there is a possibility that this level may yet be tested once more and that will surely depend on whether or not there are further stops in place below that level. Bitcoin is currently trading at 15,945