Bitcoin stages limited rebound this morning

Yesterday as the US index futures led the global equity markets sharply lower the falls there had a significant impact on the cryptocurrency space. All the leading coins got caught up in the same risk off dynamic and that led to some heavy falls. As usual it was Bitcoin that led the moves lower as it first broke down below support at 10,854 and then went on to take out 10,500. That move led the coin down to as low as 10,300. Understandably when the US equity markets rebounded from their worst levels of the day, Bitcoin also recovered too, lifting back above 10,500 into the US close. However, that rebound is not exactly convincing and has not really gone much further so far. The range overnight has been covered by 10,366 to 10,536, but it is trying to rebound again just now. Above and beyond that, it is important to note that Bitcoin is still in the mode of following, and not leading other markets