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Bitcoin sees bout of increased volatility overnight

16 Oct, 2020

Yesterday Bitcoin did trip some stops as it dropped below 11,300. However, that move did not accelerate to the downside that much as it stalled just ahead of 11,250. The subsequent rebound was assisted by a fall back in the dollar from its highs yesterday evening and a rebound in the US stock markets off their worst levels of the day. Those moves allowed Bitcoin to make a quite swift move back above 11,500, to as high as 11,616. It seems the market may have been caught a little flat footed and that is why the quite sharp reversal. However, that has now been followed by an even more rapid descent a short while ago. The price dropped vertically from above 11,500 to as low as 11,216. It has rebounded back above 11,350 since then and remains camped not far off that level just now. The move up and down over the past 24 hours has certainly shaken the tree within the wider range, but it should be remembered; that it in the grand scheme of things it is actually not materially much different. Bitcoin is just now trading at 11,358

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