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Bitcoin back above 10,500 as dollar weakens

14 Sep, 2020

Bitcoin is once again catching a ride on the coattails of EUR/USD. The lead cryptocurrency is still tracking, or more rather shadowing the performance of the Euro and the dollar. So, perhaps it is of no surprise to see it lift back above 10,500 this afternoon as the EUR/USD rises to session highs above 1.1880 as the US currency comes under a degree of pressure. That is also playing out in the USD index which has now dropped below 93 for the first time today. Meantime, the move above 10,500 for Bitcoin could see it move above the highs seen over the weekend when it lifted to as high as 10,580. Such a move could open a revisit to the 21 day moving average that is currently in place at 10,851. That remains to be seen and will depend on the amount of fresh demand if 10,580 is surpassed. Bitcoin is just now trading at 10,565

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