Bitcoin not exactly impressing much yet today

The second failure by BTC to hold a push above its 200 day moving average yesterday was covered in an update here, after it had stalled just short of 59,500 following the US CPI data. So, Bitcoin set in place a clearly defined double top on the charts, from the high set on July 10, at 59,450 and the high seen yesterday, at 59,417. The drop back below the 200 day moving average again (now in place at 58,955) has delivered a fall to below 57k again. It came close to that level last night, but int he event the fall below it had to wait until earlier today. The low seen so far was set at 56,551. It is above that low right now, but clearly not in a positive position right now. As much as the failure above 59k twice this week might warn there is more downside to come, that double top could also become a target at some point in the future. That said, the fall in US yields and the dollar has not served BTC too well, when many might think it should have done so. It seems the slide in tech stocks seen yesterday has been the undermining factor at work. Bitcoin is currently trading at 57,175, down from an earlier session high at 57,609