Bitcoin recovers earlier sharp drop

Just after the European equity market opening this morning, Bitcoin took another fall as the priced lurched lower, breaking below 15,300 again, to as low as 15,172. The exact reason for the sell off is not clear, but it may have much to do with a brief rebound in the dollar that took place at the same time. The EUR/USD dropped around 30 pips as the move lower in Bitcoin unfolded. However, even as the EUR/USD is yet to recover most of that slight fall, Bitcoin has rebounded strongly again. The short term chart configuration on Bitcoin is suggestive once again that is was stop loss selling that caused the move and little else at this stage. Irrespective of that, Bitcoin has now lifted back above 15,500 as it again proves how resilient the current underlying trend is. Bitcoin is just now trading at 15,525