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Bitcoin backs off from above 43k again
If you look at the relative position of the dollar and the US yields you can see there is a connection between that and the price action in Bitcoin. Look, this is not at all a correlation that can be nailed down, but there seems to be a loose connection, that comes in and out of play quite often. The last report here on BTC noted some consternation regarding the slide seen yesterday afternoon, to 41,551. I said that I had no explanation for that and in truth I still do not. Anyway, BTC recovered that fall and eventually rose to set a new high on the day around 43,400. However, it has backed off again since, to just above 42,500 a short while ago. So, it will be interesting to see how it trades today and with any connection to the price action in the USD/JPY and perhaps the EUR/USD too. Bitcoin is currently trading at 42,625
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