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Bitcoin Exposed to Correction on Easing Risk Sentiment; Here’s Why

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  • Bitcoin plunged by more than 4 percent following its explosive upside move towards $11,500 on Monday.
  • The cryptocurrency’s uptrend also steadied on easing risk sentiment following the Federal Reserve’s two-day policy meeting.
  • Nik Yaremchuk, an independent crypto trader and analyst, meanwhile highlighted a historical price ceiling near the $11,000-level that has sent Bitcoin down on multiple occasions.

As the price of Bitcoin continued to attempt a breakout above $11,500 earlier this week, bears counterbalanced those moves with profit-taking.

The charts, like the one given below, showed traders in a confused state as soon as the BTC/USD exchange rate hit $11,420 …

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