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Bitcoin backs off after recouping next rebound objective

Yesterday Bitcoin came close to recouping a major rebound objective, at 42,238. The high seen was set at 42,144. The drop back from there took it to around 41,150 just ahead of the 4pm London FX fix. It then rebounded again into the wider US close and earlier today it pushed through that 42,238 level, reaching a high at 42,393. That means BTC has now recovered 50% of the fall it suffered, when crumbling from the peak at 68,991 in November 2021, to the the November 2022 low, at 15,485. However, it has backed off a bit now since earlier today and so it remains to be seen, if the lead coin can continue to press higher from here, or perhaps it may retrace more, after reaching this technical correction level. Bitcoin is currently trading at 41,863
 

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