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Bitcoin gets a risk based wake up call
Yesterday Bitcoin did managed to edge above 66,500, but not by very much. The move stalled several times at around 66,800 and it was already edging lower when the comments from Iran yesterday evening dealt it a real wake up call. The drop that followed came as Gold jumped with oil prices and risk based assets seemed to attract fresh haven flows, but not so BTC. That might surprise some of you, but it once again demonstrates the inconsistency of this as a risk haven, right? The drop below the 100 day moving average (now at 64,478) delivered a further relapse earlier today, to a low at 63,556 and it has not bounced much from that low so far this morning. BTC is currently trading at 64,380
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