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Bitcoin backs off from new 2023 high at 44,490

Yesterday Bitcoin made further progress, as it pushed to fresh 2023 highs after the 4pm London FX fix. That culminated in a further rise to 44,490 right at the start of the Asian session today. It has backed off from that high now, on what looks like interim profit taking. The relative strength index (RSI-on a 14 day basis) was above 80 when that kicked in earlier today. So, as you can see, from that perspective, it was clearly over cooked. The low since that earlier high has been set at 43,463 and was set a short while ago. It has just rebounded off that low right now. Beyond that, the next important level of any real note remains as stated here yesterday afternoon. That is still in place at 48,552. To remind the reader; that price point represents a 61.8% correction of the fall from 68,991 to the low at 15,485. The 42,238 former Fibonacci level might act as first support now. Bitcoin is currently trading a 43,680

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