Bitcoin falls to the lows of the day
17 Jun 2021
Crypto also feeling the volatility today
Bitcoin rose as high as $39,554 today but is now at a session low at $37,710. That’s the lowest since Elon Musk gave it another lift on Sunday.
Unlike some commodity markets, bitcoin is comfortably within recent ranges. I worry though that the failure to hold above $41,000 signals a short-term top.
On the fundamental side, a strengthening US dollar and diminishing concerns about inflation are both negatives, though I suspect that’s only a small factor.