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A look at the technical picture evolving on Bitcoin

Further to earlier updates here on the price action of Bitcoin today, we see it has now bounced from what was a new low at 62,458. That low was set subsequent to the last update here. It has now rebounded off that low, tracking back to above 63,700 since. The overall corrective nature of this current downswing might be attempting to hit Fibonacci based correction levels lower down. So, if we take the 2024 low set on January 23, at 38,509 and the 2024 high set on March 14, at 73,797, we can plot some potential target levels for this. The first would be at 65,469 (23.6%), but that has now already been met. The next is the more important 38.2% correction and that is in place at 60,317. This looks like a more likely and potential resting point for the current correction. However, the usual caveats apply to that, in that it might not be reached and it might not cap any downside move if it is. Bitcoin is currently trading at 63,315
 

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