Bitcoin's recent pullback has many investors on edge, but a closer look at its chart reveals a classic bottom-forming pattern. The cryptocurrency's RSI is oversold, and a bounce towards $12,000 is imminent. Additionally, its 50-day moving average is approaching, which could serve as a catalyst for a short-term rally.

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Great analysis! Agree that the RSI oversold condition and approaching 50-day MA make a bounce towards $12,000 likely.