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Bitcoin nails it on the second attempt

28 Jul, 2021

Earlier today the rebound in Bitcoin was noted here as stopping just short of its current 100 day moving average. At that time, it was in place at 40,398. Well guess what folks? That is exactly where a second rebound has just reached a few moments ago. The price had rebounded back up from an earlier session low at 39,300 set just before 8am here in London. The move higher was clearly helped by the sharp spike in XRP but it was probably pushing that way already. The rejection of the 100 day moving average again is now seeing it fall back closer to 40k again. Regardless of whether this moving average continues to cap the topside or not, the price action thus far today is further evidence of why it is important to be aware of such levels. Of course they do not always count for much, but quite often, its when one ignores them that seems to matter most. That 100 day moving average has now shifted slightly and is currently in place at 40,400. Bitcoin is just now trading at 40,210

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