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Bitcoin dives towards support at 53,395 after taking out 56,500
Yesterday Bitcoin managed to hold a previous interim low at around 56,500 and briefly edge back above its 200 day moving average (now in place at 58,460). However, it could not sustain the move to around 58,730 and then fell back again earlier today. The move then fell to below a previous interim low around 56,500. That was the low seen on the last relapse and it appears to have tripped a whole raft of fresh selling. The low seen so far today has been set at 53,602 and that low is right on a major downside trend line which indicates potential technical support in place at around 53,395. Bitcoin is currently trading at 54,375
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