Bitcoin Poised to Retest $12K After FOMC Minutes, Data Shows

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Bitcoin fell towards $11,500 on Wednesday, a move that followed its brief rally above $12,000 earlier this week. The correction appeared as a testament to profit-taking behavior. Traders decided to liquidate their long positions following a supersonic intraday rally, thus securing their short-term gains. The so-called selling pressure led the Bitcoin price lower, causing others to panic sell as well. Bearish Calls for Bitcoin Technical chartists now expect the cryptocurrency to head further lower into this week. One of them painted a string of dotted horizontal supports that Bitcoin might test in the coming sessions. These levels were near $11,123 and $10,560, as shown in the chart below. Bitcoin price chart on TradingView.com shows BTCUSD eyeing extended downside corrections. Source: Credible Crypto “Lose this level on a closing basis and I expect we go for the dotted green lines and the rest of the market will take a hit too,”…

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