Bitcoin dips below 62k but holds technical support level for now

Bitcoin has fallen back this afternoon after momentum stalled again above 63k earlier today. The price fell back a short while ago, to as low as 61,729. The drop here seemed to have been delivered by a rebound in the dollar and drop below $1770 in gold. As noted here before, there is sometimes a quite close correlation between BTC and the metal, but it is far from consistent. Nevertheless, as both still clearly compete for ultimate inflation hedge status, it is not too surprising to see that correlation come back into play now and again. Bitcoin has just now bounced after the move lower stalled short of testing important short term support level. That is the 21 day moving average which is in place right now at 61,585. Bitcoin is just now trading at 61,850