Bitcoin comes unstuck by dollar rebound

The dollar is continuing to win back lost ground late into the European session. The EUR/USD has now fallen back below 1.18 in a move that surely many thought unlikely a few hours ago. That is having an impact elsewhere as Gold remains under pressure and the USD/JPY continues to press on towards 105.50. The move lower in the EUR/USD has adding further pressure on Bitcoin too as that again falls back below 15k this afternoon. The correlation between the EUR/USD and Bitcoin is certainly in evidence this afternoon. It could also have much to do with a shift away from crypto assets and back into more traditional recovery stocks and that is also what is dampening the price of Bitcoin. The price has just now fallen back to print a session low at 14,810 and the downside may not be finished with yet ahead of the US close later this evening. Once again, beyond any rotation, this also also about stops and what pain the short term market players can cope with. Bitcoin is just now trading at 14,895