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The immediate future for Bitcoin is in the hands of Ether again today

04 May, 2021

Yesterday Bitcoin did make some further progress above the noted 58k level, but in truth that rise was more about Ether than it was about Bitcoin. You see Bitcoin was surely only elevated to a high as 58,975 because of the continuation of the impressive gains in Ether. That high point in Bitcoin was set earlier in the US session and was reported on here. What was not reported on, was the fact that a double price failure at that level set up a very clearly defined double top that has underscored the further downside move so far today. Bitcoin dropped to as low as 54,774 a little earlier this morning in a move that was inspired by little more than a shunt lower in Ether. As noted in the previous update on that one, it is the relative price contraction between the two that has caused the underperformance in Bitcoin over the past few days. Bitcoin has now rebounded from its earlier lows, but the inference is clear. If Ether dumps then Bitcoin will have nowhere to hide unless this current price dynamic can shift back again. Bitcoin is currently trading at 55,975

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