I updated my app on iTunes to a newer version but it has a bug, it will take some time to fix the bug, is it possible to revert back to the previous version while i fix it?
No, it is not possible to revert back to the previous version. Your best option is to fix the bug, submit it to App Store and request an expedited App Review from Apple.
If you want your old version to be live again, you can re-submit the same build to App Store, but cannot revert back.
From Apple's Developer Site:
Expedited App Review
If you face extenuating circumstances, you can request the review of your app to be expedited. These circumstances include fixing a critical bug in your app on the App Store or releasing your app to coincide with an event you are directly associated with.
Urgent Bug Fix
If you've submitted an update to fix a critical bug in your app on the App Store and you are requesting an expedited review, be sure to include the steps to reproduce the bug on the current version of your app.
I faced a similar condition like you, and it took only 6 hours (and it was live on App Store after that) to be reviewed after I requested expedited App Review.
Request Expedited Review
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