Bitcoin (BTC/USD) failed to sustain gains early in today’s Asian session as the pair depreciated to the 38778.12 level after trading as high as the 39554.98 level during the European session, with the interday high representing a test of the 50-hour simple moving average. Traders drove BTC/USD as low as the 38444.18 level during the European session, representing the 61.8% retracement of the appreciating range from 37191.99 to 40440.95.