Analyst Explains Reasons Bitcoin Price Could Fall Back to Lower $10Ks

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Bitcoin is facing risks of a price correction towards $10,000, according to a TradingView analyst. He spotted the cryptocurrency trading near its weekly resistance level, noting that it may amount to profit-taking action among traders. Nevertheless, he also asserted that Bitcoin is in a bull market, adding that the price would likely bounce back from its $10,000-lows. Bitcoin’s efforts to log a breakout move above $12,000 may fail as selling sentiment grows near the said level. The benchmark cryptocurrency risks breaking lower after retesting the $12,000-mark, says a TradingView.com analyst who analyzed the level for its historical significance as a resistance. He said the BTC/USD exchange rate is near its weekly price ceiling, adding that any efforts to push the pair above it is a bad strategy. “Whether Bitcoin has the momentum to break above $12,000 without longer consolidation, I have no idea. But, buying at the current price is…

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