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Keep an eye on BTC because it is slipping again

Following immediately from the previous update noting the slide in Gold just now, Bitcoin has also taken a step backwards at the same time. Once again you can see some symmetry between the two instruments, when it comes to US yields. As you can see, it looks like BTC is not immune to higher US yields this morning and that push higher might just be serving as a good excuse for someone to do what they might have eventually done anyway and that is to offload BTC. That is partially the case, as for the past 2-3 hours BTC has failed to make any progress back above the 103k handle. Well it just now traded down to around 101,800. Hence, it has not busted below the noted earlier session low at 101,536, but worth keeping an eye on all the same. Bitcoin is currently trading at 101,870 
 

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