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Weekend sideways again as Bitcoin backs away from break above 38k

On Friday afternoon Bitcoin made a move above 38k right on the 4pm London FX fix. The lead coin made a more decisive break above the noted double top this time, as it shot to a new 2023 high at 38,422. The fact that the shunt higher was right on that FX fix is clear evidence of a heavyweight wholesale player being behind the move and more than likely triggering a whole raft of stops in the process. The other point to note here; is the move was reversed almost as fast, as it then slipped back towards 37,600. Since then and for most the weekend the price action has been sideways once again, very much replicating that which has seen for several weeks now. This further underlines the observation made here previously, about the lack of heavyweight punters at play when the wider markets are closed. Bitcoin has traded lower so far today, falling back to a session low at 37,218 earlier. It now remains to be seen if the rise above that 38k level was nothing more than a stop loss driven false break, or there is more upside to come. BTC is trading right now at 37,405
 

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