Despite the high volume retreat from a record price above $11,300, the world’s largest cryptocurrency by market capitalization has been able to avoid a break below the $9,000 mark.
The cryptocurrency was last seen trading at $10,040. As per CoinMarketCap, bitcoin (BTC) is trading unchanged on the day.
Comments on social media indicate the investor community feels bitcoin may have topped out above $11,000 for now and a healthy correction would shake out the weak hands, thereby opening doors for a more sustained rally to new record highs.
That said, the price chart analysis seems to suggest a consolidation is more likely to be the name of the game in the short-run…