Bitcoin falls back below 13,400 on profit taking as risk aversion rises

The European equity markets and US futures are under further pressure having both tried a little earlier to stage a rebound. That effort seems to have run its course for the time being and now all these markets (with the exception of the FTSE) are in danger of moving to new lows on the session. That in turn has impact other markets too. Gold is now lower and so are oil prices. WTI has dropped below $38 a barrel and Gold is falling close to 1890. The impact of this has helped to force more profit taking on Bitcoin and a very short while ago the price dipped back below 13,400. It may have tripped some stops in the process too as it fell to as low as 13,335. It is not trying to rebound again, but it will probably need the overall risk situation to steady itself further before Bitcoin can think about retesting the earlier highs. Bitcoin is just now trading at 13,425