Here’s Why Bitcoin May Face a Harsh Correction Before It Can Rally Higher

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Bitcoin is in the process of stabilizing following the swift rebound it incurred overnight This allowed the benchmark crypto to climb from lows of $11,150 to highs of $11,500, around which price it is now hovering around Analysts are noting, however, that there is a path forward for the cryptocurrency to see a much stronger correction than the one seen yesterday One trader is watching for a rejection at $11,700, as he notes that this could lead to a “slow bleed” to $10,000 An ardent defense of this level, however, may allow the mid-term uptrend to resume Bitcoin is currently consolidating around its local highs following the swift overnight rebound it faced. This rebound came about following a day of turbulence, which sent BTC surging as high as $11,600 before it saw a swift rejection that led it to plunge to lows of $11,150. This struck a blow to the…

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