Bitcoin comes under pressure as EUR/USD falls

It has been some time since an update here focused on the correlation between the EUR/USD and Bitcoin. This is a loose relationship that does not always coincide, but today it seems to be doing that. The fall back in the EUR/USD from above 1.1900, to below 1.1825 this afternoon is having a detrimental impact on the lead cryptocurrency. Bitcoin has fallen back too. The move lower is gathering a bit more pace right now as the price drops below 18,300. It does seem to be more closely correlated with the moves in the EUR/USD today. That is not to detract from recent dynamic rise in Bitcoin. However, is certainly is due a deeper correction than the one seen this weekend, although that may have already satisfied the immediate necessity. Nonetheless, the move lower in the EUR/USD is having an immediate impact on Bitcoin. It is now trading at 18,295