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Bitcoin rush to buy fades as price turns back down

Reports here earlier today covered the technical break above a well-noted triple top on BTC. Prior to the rise above 38,427 I did say that I expected some acceleration through that level and that is indeed what played out. What I did not say and did not assume, was how far the break might lead. Well, so far not by as much as might have been the case. Bitcoin topped out earlier at 38,834 and ever since then it has been tailing off and now it is below the original break out level. Once again I think the rise in the dollar has stunted the topside move. Now that might change later this afternoon, if the dollar drops back, but we shall have to see how that plays out after the US ISM data might provide some clues on dollar direction. Meantime, Bitcoin is currently trading at 38,245
 

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