Bitcoin Correction Towards $40K Back in Focus as Rally Pauses

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Bitcoin lost steam on Wednesday, pausing a bull run that had accelerated on the backs of Tesla’s $1.5 billion investment and optimism over a massive stimulus package in the United States. The benchmark cryptocurrency closed marginally higher by 0.14 percent on Tuesday, forming a Doji candle that shows an imminent bias conflict in the market. Today, during the Asian session, Bitcoin showed signs of bearish reversal (short-term) after dipping by more than 1 percent to hit an intraday low near $45,666. At its highest, the cryptocurrency was trading at $48,200 in a follow-up to its 20 percent rise on Monday. Bitcoin corrects modestly after hitting a record high above $48,000. Source: BTCUSD on TradingView.com The reversal came despite the euphoria surrounding Tesla’s consideration of Bitcoin as an alternative to cash, a narrative that bulls had pushed for years. Also, US President Joe Biden’s pressure on Congress to pass a $1.9…

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