Bitcoin under pressure today

Last night the price of Bitcoin came under fresh selling pressure as the lead cryptocurrency fell back below 42k. That drop saw it dip to as low as 41,570 right at the start of the Asian session today. It has rebounded from there in recent trading, rising back to as high as 42,450 a short while ago, but that rebound is far from convincing at this stage and it is very much dependent upon those US treasury yields. The move lower today is further evidence, as if anyone needed it; that BTC is very susceptible to higher US yields. The really big level for BTC is the significant double bottom that is in place just below 40k. That was set from the low at 39,624 on September 22 last year and the low at 39,663 reached on January 10. If those levels are clearly breached to the downside from here on, that it could open up a much deeper move to the downside. Of course it has to get there first and that is in the balance right now, but the immediate indications are not that positive just now. Bitcoin is currently trading at 42,165