Bitcoin rally undone by US equity market rout

As noted here earlier this afternoon, Bitcoin was at risk of dropping back below 13k if the risk averse mood deteriorated. Well, that is exactly what has happened as the Dow Jones sheds more than 800 points so far today. This has sent shivers across the entire crypto sphere and nothing has avoided the fallout of that risk aversion. Bitcoin has dropped below 13,000, to as low as 12,830 so far. It has managed to steady somewhat in the past few minutes but it at risk of a further drop in the short term if the near side supports at 12,725 and 12,698 do not hold. A break below both of those could take the price back to test the current 10 day moving average which is in place right now at 12,437, but changing all the time due to the shifting price action. Clearly 12,500 could provide some support too and then after those it’s the 12k level that will be even more important. Naturally, if the US equity markets can rebound then there is scope for a move back up in Bitcoin. However, that does not appear to be the weak side right now as Bitcoin is just now trading back to fresh session lows, currently at 12,820