After reaching a fresh all-time high yesterday, bitcoin could be losing its upside momentum.
The world’s largest cryptocurrency by market value clocked a high of $11,831 at 20:30 UTC Sunday, but closed below the previous record high of $11,377, according to CoinDesk’s Bitcoin Price Index. At press time, BTC was trading at $11,238 – up 0.5 percent for the session.
As per CoinMarketCap, week-on-week, bitcoin (BTC) is up 18 percent, while on a monthly basis, it has gained more than 50 percent.
But while the bull market is still intact, bitcoin’s failure to close above the previous record high indicates bull market exhaustion. Further, a look at the price chart indicates the cryptocurrency could be in for a short-term pullback…
Read Full: Looking Heavy? Bitcoin Eyes Correction After New High