Why a Bitcoin Pullback Could Result in a Drop to $11,500

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Bitcoin has held above $13,000 surprisingly well. Analysts fear that the coin could retrace, though. An analyst noted that there is a confluence of fundamental and technical reasons why Bitcoin is weak. Another says that the coin could drop as low as $11,500 in a retracement. He noted that around that level lies a confluence of important technical levels, making it a likely level for Bitcoin to bounce if it reaches there. Bitcoin Could Drop as Low as $11,500 in Pullback, Analysis Shows Bitcoin has held above $13,000 surprisingly well, especially in the face of those saying that this is just a fakeout to the upside. But analysts are not counting out the chance that the cryptocurrency undergoes a retracement after rallying 25% in two weeks. One historically accurate crypto-asset analyst thinks Bitcoin could drop as low as $11,500 in a retracement. He noted that around that level lies a…

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