The world’s largest cryptocurrency rose to fresh all-time high of $7,601.39 on Sunday, as per CoinDesk’s Bitcoin Price Index (BPI). However, the pop was short-lived, and prices soon fell back below the previous record high of $7,454.05 recorded Nov. 3.
Notably, this is the third time in the last week that BTC has failed to hold above $7,400, despite having clocked a new high.
So what’s stopping the bulls from attacking the $8,000 mark? Though the exact cause is unclear, the following factors could be behind the trader reticence above $7,400.
To start with, comments on social media indicate investors are seeing the likelihood of a short-term pullback, and the resulting caution may have weakened the bid tone…