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Bitcoin takes out technical support levels

Much earlier this morning an update here noted how Bitcoin had managed to just about hold onto its 100 day moving average and trend line support around 59,400. Well, since then that has no longer been the case. Once the lead coin busted both those support levels at the second time of asking, it crumbled and that has led to a fresh interim low not long ago, at 56,527. It is bouncing off that low now, but all the time it remains below the breakdown levels, it is subject to more of the same. It really all depends on what supply and demand shows up at these fresh lows. If all the nearby long stops have now been triggered, then perhaps it can recover, but if not the higher US yields, firmer dollar and lower stock markets will continue to drag it lower. The 100 day moving average is right now in place at 59,406. BTC is currently trading at 57,260
 

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