Bitcoin gives some back

Bitcoin gives some back

Bitcoin game into the day riding three straight days of solid gains in a rally to $36,000 from $30,000 but it's giving some back today in a 5% decline to $34,200.

The broadly strong US dollar is a small headwind but mostly this is the ebb and flow of the market.

Technically, the rally and close above the late-June highs yesterday was positive but it's been unable to hold on. In the bigger picture, we continue to consolidate around $35,000 after the large breakdown in May.

After the Fed, it looked like a breakdown in Bitcoin but that hasn't stuck, nor has the rebound proved to be lasting. So we'll continue to chop along in this range until there's a definitive move.