Investing.com – Bitcoin fell on Monday, giving up its gains from Sunday trading, as traders awaited further positive catalysts to back the popular crypto.
fell 1.71% to $8,498, down from a session high of $8,753.90.
Bitcoin appears to be entering a period of consolidation after its leap above the $9,000 level on Thursday woke the bears from their slumber, and they knocked the crypto back toward to $8,000.
With little fundamental reason behind the weakness in bitcoin, many have suggested the pullback was likely given the rapid acceleration seen in the popular crypto, which recorded its fourth-straight monthly gain last week.
Still bitcoin’s market cap, which peaked at $153 billion last week and is often used to gauge demand, remained relatively robust at $151 billion suggesting traders are somewhat to reluctant to call time on the rally.
Other cryptos followed bitcoin lower, fell 2.90% to $259.84 and slipped 1.73% to $111.66. proved an exception to the broad-based decline, rising 0.58% to $0.43973.
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