Two Key Trends Show That Bitcoin Will Correct After $1k Rally

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Bitcoin has dropped slightly since establishing highs of $11,730 on Monday. The leading cryptocurrency currently trades for just over $11,400. Bitcoin is expected to see some volatility as announcements are expected from China about blockchain or its digital currency. From a technical standpoint, BTC is expected to retrace in the coming days as the bullish uptrend exhausts. One analyst outlined two core reasons why the cryptocurrency could drop towards the low-$11,000s in the days ahead. While there is this risk, fundamental trends with the U.S. dollar suggest Bitcoin should keep a bid in the coming weeks. Whether or not this will be enough to stop a short-term drop, though, remains to be seen. Bitcoin Could Correct After Moving $1,000 Higher: Key Technicals Bitcoin has undergone a strong rally over the past week, gaining over $1,000 from last week’s lows to this week’s highs. Even after a slight drop, the cryptocurrency…

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