Yesterday Bitcoin rose to as high as 10,492 and at one stage it looked possible that it might make a break above the important 10,500 resistance level. Well, clearly that did not happen and the price later fell back again as the dollar rose and US equity markets fell back sharply into the close. Those moves, and more especially, the drop back in the EUR/USD put paid to any chance of delivering a break above 10,500. However, given the drop in all those other markets, Bitcoin has held up quite well as it trades roughly midway in between 10,000 and 10,500 again. Clearly a break above 10,500 would be positive and surely give way to more upside, but it has to get there in the first place. On the downside, 9880 and more importantly now, 9850 are key levels because if they give way then some serious further downside is likely to be delivered. In the meantime, the price is clearly pivotal as it waits to see which way the wind blows. From a purely technical perspective here, the downside looks the more likely one to crack, but it will need the other markets to play ball too. Bitcoin is just now trading at 10,265