Why Bitcoin Could Soon Return to Monday’s Price Levels After $12k Test

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Bitcoin is looking to retest $11,760 as support, a cryptocurrency analyst recently shared. He made these comments as BTC/USD showed signs of an extended downside correction a day after retesting $12,000 as a level of resistance. The pair was trading at $12,086 at the highs on Tuesday. Nevertheless, a higher profit-taking behavior near the said intraday high sparked a downward move. A part of the correction sentiment also took cues from the US dollar index, which rebounded on Tuesday after crashing to its two-year low. Traders assume a stronger greenback as the sign of a weaker Bitcoin. The analyst said something similar in his Wednesday Bitcoin analysis as he predicted a plunge towards the $11,700 level. He compared the cryptocurrency’s downside sentiment with the dollar’s move to the upside, noting that the greenback, too, is eyeing a breakout above an important technical level. US dollar index (DXY) is looking to…

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