Bitcoin finds support ahead of 10,500

Yesterday the fallout in the US equity markets, rising dollar and generally heightened risk aversion helped to push Bitcoin to session lows. The lead cryptocurrency fell to as low as 10,529, but it truth it was begging to fall anyway. That is because it had earlier failed to make any headway beyond 10,800 as was noted here yesterday morning. Hence, the subsequent fall was not actually that surprising. It also has to be remembered that Bitcoin is still closely tracking the path of the EUR/USD and the fall back there added downside pressure too. However, it has managed to rebound slightly this morning, lifting above 10,600, to as high as 10,632 so far. Having said that, the rebound thus far is not exactly convincing either. So, unless Bitcoin can reclaim the 10,800 level on a sustained basis, the chances of a further rise, back above 11k look slim. On the other hand, a drop below 10,500 is clearly still elevated for now. Bitcoin is currently trading at 10,615