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Bitcoin proves to be no haven
Yesterday the price action in Bitcoin pretty much mirrored that seen in Gold. The lead coin rose into the 4pm London FX fix, reversing an earlier dip towards 65,500. BTC lifted briefly above 67k around that time, reaching a high at 67,112. However, as with Gold the slide that has followed has smacked of forced position liquidation to cover stock losses. The drop back below 65,500 this time has produced a deeper fall this morning. The low seen so far has been set at 63,808 and that was back underneath its 100 day moving average (now at 64,320) It is trying to rebound back towards that level right now, but clearly downside doubts remain very much in place today. BTC is currently trading at 64,230
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