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Cryptocurrency volatility increases

23 Feb, 2021

Well, yesterday certainly delivered some price action for Bitcoin and Ether. Ether was the biggest mover, but that will be covered in the next update here. Yesterday Bitcoin dropped back below 50k as reported on here. It fell to as low as 47,873. It then rebounded back to as high as 55,017 as the wider US markets drew to a close. Today it has come unstuck again, and has fallen back below 50k once more. The clear risk is that it will now take out the lows seen yesterday and extend further to the downside. The increased volatility and price elasticity are perhaps warning signs that it is already in retreat from what has been an over extension based on what exactly? Good question perhaps, but there is no answer to that here sadly. Well, irrespective of that it is under more pressure and the current moves lower are clearly corrective to what has been a very dynamic upside trend so far in 2021. The price action may also be a warning that caution is clear warranted. Bitcoin has traded in a range so far today covered by 55,017 to 48,597, but it is not at all certain that range will remain intact for the rest of the session today. Bitcoin is currently trading at 49,770

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