Bitcoin lifts back above 13k

Yesterday, Bitcoin came under pressure as the US equity markets fell back and risk reversion dented the demand for riskier assets. That helped to push Bitcoin down to as low as 12,791. It was also noted here that further downside might be seen if the losses in the US equity markets continued to build. Well, in the event that has not happened and the rebound across all the risk based markets has helped to steady Bitcoin and allowed it to reclaim 13k again today. The current move is not that convincing and it will still need to lift back above 13,250 in order to become more so. It stalled ahead of 13,250 5 times yesterday afternoon as it tried to make more progress. Once again it should also be noted that the steep reversal in Bitcoin took place around the time of the 4pm London FX fix. This is a pattern of sharp moved in either direction that has been emerging recently and noted here too. Hence very much something for Bitcoin traders to be aware of. Bitcoin is just now trading at 13,090