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Another day, another bitcoin rally. 

After making a run approaching its all-time high last night, bitcoin was back in the red this afternoon, hovering around $108,600 and trading 1.4% lower over the past 24 hours as of 2 p.m. ET. 

Bitcoin’s latest move is similar to what it did three weeks ago, when the largest cryptocurrency notched a new all-time high just shy of $112,000. BTC went from around $103,000 to above $110,000 in roughly two days. 

As Noelle Acheson pointed out in today’s Crypto is Macro Now newsletter, bitcoin’s late-May rally coincided with a surge in short…

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