The warning signs were there for Bitcoin

Yesterday, the last update here on Bitcoin noted that the lead cryptocurrency was not taking advantage off the benign conditions that surrounded it. That was a clear alarm bell and the risks of another decline were clearly highlighted. Well, it might be of little surprise to see that BTC has indeed fallen back once more, having failed to hold gains above 30k. The drop back underneath 30k last night came ahead of the wider US market close and then led to a further fall at the start of the Asian session today. Bitcoin fell to as low as 28,856. It has rebounded since, but from every notable aspect that rebound is not yet of any special consequence. The high seen since that earlier low has been set at 29,405. Meanwhile, the noted 21 day moving average is still falling steeply and in place right now at 31,328. Interim support lies now at 28,616. If that gets taken out today, then it might deliver further downside. Bitcoin is currently trading at 29,375