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Bitcoin drops back as tech stocks grab the hot cash

Once again Bitcoin seems to be feeling the heat from higher US yields and a rebound in the dollar. Yesterday Bitcoin looked like it might test the 50k level, but in the event the lead coin stalled on the downside at 50,650. The rebound that followed saw it briefly rise above 52k earlier today (52,007 the high). Well, since that peak around 4 hours ago, the price has been leaking steadily lower and now it has fallen back underneath 51k once more. What is clear to me here; is that BTC is sensitive to US yields and the dollar, but not yet sensitive enough to entirely undermine its upward trend. That said, I am once again wary of the potential for Bitcoin to suffer a deeper relapse, if those dynamics really start to take hold. Besides, the hot money is pouring in tech stocks and the Nasdaq right now and so BTC is not feeling the love. The low seen so far has recently been set at 50,921, It is just now trading at 51,130
 

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