Bitcoin holds the line at $100,000 for now as dip buyers try to make a stand

The risk mood was battered early on in Asia but is seeing some tentative signs of recovery as we get to the handover to European trading today. Wall Street saw some heavy selling yesterday with tech shares leading losses but US futures have recovered from early lows today, with S&P 500 futures paring declines to just 0.1% now. Meanwhile, Bitcoin is also seeing a bounce after dipping briefly under $100,000 again earlier:

That is a major psychological level to watch out for, with dip buyers having held the line on previous tests back in June. But this time around, the tides have turned with price action falling past both the 100 (red line) and 200-day (blue line) moving averages, reaffirming a more bearish bias in the cryptocurrency.

A firm break of $100,000 is likely to lead to trigger more stops on the way down and that is something to be mindful of as the risk tug of war continues this week.

Alongside stocks, cryptocurrencies will be another key gauge of the risk mood for broader markets as we look to the days ahead.