Bitcoin consolidates recent gains

Following the rapid overnight gain for Bitcoin during the early Asian session yesterday, the price did not make that much further progress beyond 13k. In fact, it spent a good deal of the day below that level. It did rise again later in the session after the European close when it lifted to as high as 13,200, but it did not surpass the high it had reached earlier in Asia. The price has fallen back again so far today as it earlier briefly traded below 12,900. The overall price action is not suggestive of anything negative, but looks like it is consolidating the recent gains it generally trades sideways over the past 12 hours. The outlook does remain positive, but there is a caveat to this and that is where the dollar heads to next. For some time now Bitcoin has been loosely tracking the performance of the US currency and in particular the path of the EUR/USD. As that is a little lower this morning and back underneath 1.18 again, it is probably no surprise to see Bitcoin slip slightly. It would be better for Bitcoin if it could shake of this connection and do its own thing. Hopefully, the news from PayPal yesterday wil help to deliver that. Bitcoin is just now trading at 12,945