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Bitcoin takes advantage of a lower dollar

Bitcoin fell below 42k during the Asian session yesterday, but looking at the chart you can see it based out with a short term double bottom below there long before the real move higher started. That move was endorsed by a drop in the dollar later and shunt down in US yields. That allowed BTC to rise steadily all the way into the wider US close. For those out there that do not think the trading dynamics of BTC are linked to the US currency and costs of ownership, they had better think again, because the evidence is increasingly overwhelming, especially now with a multitude of ETF trackers looking for outside clues. So, BTC has actually lifted a little higher today, earlier reaching a session high at 43,402. It is off that high now, and set for more price action ahead of the weekend. Perhaps the one thing to note here is the so far lack of traction above 44k. Earlier reports here noted previous rebound attempts stalling short of that level and so far today that is still the case. The low seen so far this morning has been set at 42,873. It is currently trading at 43,130
 

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