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Bitcoin touched an all-time high of $69,202 just over two hours ago but the brief moment of exhilaration was met with a wave of pain as sellers used the headline to take profits.

The turn is something I warned about earlier.

Prices have quickly fallen to $64,000 in a 6% decline on the day (and more than that since the high).

Despite that, it hasn’t put up an outside day on the chart. I see this as more of a standard retracement, though in the usual bitcoin magnitude of things. If there is a close below yesterday’s low of $62,342 that would be a different story as it would trace out an outside day.

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