Bitcoin takes a hit below 60k again on risk aversion

For anyone thinking that Bitcoin is the new digital risk asset, they might want to rethink that after the reaction seen this morning. What has been observed here for several days now; is the recent correlation between the price action of the Dow Jones and how BTC has tended to track that. Well, the slide in the Dow Jones futures completely derailed BTC earlier this morning. Yesterday the lead  coin had rejected another fall below 60k and risen to just above 64k, right on the 4pm London FX fix. The high seen was set at 64,173. The slide that played out earlier today saw it slump back to a low at 59,643. That just surpassed the low set on Wednesday, at 59,687. It was also above a noted an important support level, at 59,317. The rebound that has ensued now, has tracked the Dow Jones futures higher. Bitcoin has risen to around 62,760 since that low. It is currently trading at 62,095