Bitcoin to Retest This Level Before Jumping Towards $12K, Says Analyst

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Bitcoin stands stuck between equally adamant buyers and sellers in the past three weeks, with its price going nowhere as a result. The benchmark cryptocurrency fell towards its monthly support near $11,120 on Wednesday after failing to break above $11,880. Moving forward, a full-fledged bull run seems unlikely as long as Bitcoin test key levels to the downside, says an analyst. The pseudonymous daytrader noted Bitcoin in a consolidation cycle, stating that a breakdown towards $10,600/$10,700 level might bring back the buying interest in the market. “For now, BTC looks like it wants to test SuperTrend support (and re-test the breakout),” he said. “So for me, I’m thinking $10,600/$10,700 range bounce. Then comes the fun after people flip bear.” The analyst attached a chart to illustrate his upside targets. It showed that the Bitcoin price expects to make a sharp reversal towards $12,000 and levels above it. Bitcoin expects to…

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