Higher-yielding assets like bitcoin were dragged lower in the earlier trading sessions, as investors priced in the possibility of additional easing measures from several major central banks upon seeing downbeat imports data from China. This pushed bitcoin price lower against the safe-haven US dollar, which happened to be propped up by positive medium-tier reports yesterday.
For now, traders appear to be holding out for bigger market catalysts to see where bitcoin price should head next. There are no major reports lined up from the US economy today while tomorrow has the BOE Super Thursday (monetary policy statement, meeting minutes, and Inflation Report) lined up. A downbeat outlook could weigh on market risk sentiment and push for a downside break for bitcoin.
The next batch of catalysts for the US dollar aren’t due until Friday, and these are the retail sales and PPI reports.
http://www.newsbtc.com/2016/05/11/bitcoin-price-technical-analysis-05112016-back-channel-support/
