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Risks of a Bitcoin fall below 40k are rising

Yesterday an update here noted the push higher in Bitcoin as it nosed its way to just above 42k. In that update, it was noted there were hurdles and resistance above that level, at 42,238 and 42,465. Well, in the event those did not come into play, because BTC turned lower from then and did not rebound again. That failure above 42k led it back down to around 40,680 as the European markets were drawing to a close. A later attempt to rebound once more stalled just above 41,500 and since then it has dipped once more. The low seen earlier today was set at around 40,650. The low seen on Monday was at 40,192. Hence, it is not far off re-testing that low. The price action for several days has been holding above its 50 day moving average and that is sitting just above 40,500 this morning. If that gives way, then the chances of a break below 40k would seem to increase significantly. Bitcoin is currently trading at 40,990

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