Investing.com - Bitcoin was slightly lower Wednesday after its early-day swing lower drew in support, keeping it on track to post its longest monthly winning streak nearly two years.
Bitcoin fell 0.76% to $8,725 after hitting a low of $8,435.30. The popular crypto is on course to post its fourth-straight month of gains, which would mark its longest winning streak since a five-month winning streak ended after August 2017.
In a sign of robust demand, bitcoin's fall below the key $8,600 technical level was met with a wave of buying, stoking expectations that the popular crypto is set to make a run toward $10,000 level.
The multi-month surge in bitcoin has been attributed to an expected slump in supply ahead of the next halvening event due in 2020, which will see the amount miners, responsible for maintaining the network, receive halve to 6.25 BTC from the current 12.5 BTC, reducing the total supply in the market.
Ahead of the next halvening, bitcoin has history on its side.
Before and after the 2012 halving, bitcoin soared to nearly $1,000 in November, a three-year high. After the 2016 halving, the popular crypto rallied to a record high of $19,891 in mid-December 2017.
Other cryptocurrenies traded mixed, with XRP/USD down 2.77% to $0.44298, ETH/USD down 1.01% to $271.89 and LTC/USD adding 1.87% to $116.87.