This Indicator Shows Bitcoin Could Reel to $12,500 Before Rallying Higher

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Bitcoin has simply been ranging throughout the past few days, with bulls building a strong base of support within the lower-$13,000 region as bears struggle to gain any momentum This support could help catapult it higher in the near-term, but the slight rejection seen at $13,600 yesterday does indicate that downside could be imminent There is one technical indicator that suggests some downside could be right around the corner One analyst spoke about this in a recent tweet, noting that a decline towards $12,500 might take place before Bitcoin can push higher Bitcoin has been caught within an unrelenting consolidation phase ever since it lost its momentum after being rejected at $13,800. This level has historical significance, as it happens to be where the cryptocurrency’s 2019 rally came to a bitter end. The resistance here, coupled with a sudden surge in the US Dollar’s value, caused it to plunge as…

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