Bitcoin slipping again

Earlier today Bitcoin based out at a new interim low at 58,603. It then rebounded but that rebound has now petered out again after it failed to recapture the 60k handle. It has now fallen back below 59k once more and it is approaching the overnight lows at 58,603. It remains to be seen if this low will be taken out and if it is, whether or not there will be much downside traction beyond that level. The one take away from the price action so far this week is the truth; that BTC is clearly sensitive to the level of US bond yields. It is after all a zero coupon instrument and its allure is clearly subject to the cost of carry too, especially if one is using borrowed money to trade this one in an unleveraged manner. Bitcoin has actually popped a little higher whilst this update was being written, currently trading at 59,070