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Bitcoin backs off from rebound above 36k today

24 Jan, 2022

The further falls in Bitcoin extended close to 34k in weekend trading. The noted breakdown below the important longer term double bottom last week had taken the price swiftly lower as stops and negative momentum based selling had extended that break on Friday. The further falls on Saturday saw it drop to as low as 34,042. It bottomed out there and consolidated yesterday. That consolidation allowed for a further rebound earlier today. That helped it to climb back to as high as 36,254 a little earlier on. It has backed away from that high now and unless it can reclaim levels above the noted breakdown level at 39,624, then one cannot rule out a further downside. The next support level is in place at approximately 32,570 (rising trend line support) and if that does not hold, then a previous low at 29,307 could come into focus. The range so far today has been covered by 34,966 to 36,524. It is currently trading at 35,305
 

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