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Bitcoin Falls Back Below $30,000 as Range-Bound Trading Persists

  • B2C2 sees ‘clear and immediate risk’ of a break lower
  • GlobalBlock said token hit resistance in high $31,000s range
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Bitcoin fell back below $30,000, sliding along with equities and settling back into the middle of the narrow range where it’s been trading since mid-May. 

Tuesday’s 6% drop to around $29,500 wiped out the previous three days of gains and ended Bitcoin’s second brief break above $31,000 of the past three weeks. European equities and US futures also fell. Australia’s central bank delivered a bigger-than-expected rate hike to combat rising costs, adding to the risk-off mood in markets.