Bitcoin gets a much needed boost from US market rebound

One of the impacts of the very impressive US stock market rebound yesterday was the jolt in the arm that gave to the price of Bitcoin. So, if anyone out there still believes that BTC is immune to the wider markets then please think again. Earlier Bitcoin had fallen to as low as 32,970. That was a drop of more than $1000 from the highs seen on Thursday (43,506). The subsequent rebound took it back above 37,000, to as high as 37,548 just ahead of the wider US markets close. Despite making an impressive rebound yesterday, the price action has not yet altered the dynamics of the longer term charts. It has also backed away from that high in trading today. The range seen so far has been covered by 35,863 to 36,857. The price action today has clearly been influenced once again by the move lower in Asian stocks and drop back in the US equity futures. Bitcoin is currently trading at 36,050