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Bitcoin enters consolidation phase following post-election rally

Published 02/12/2024, 07:57 pm
Updated 02/12/2024, 08:00 pm
© Reuters.  Bitcoin enters consolidation phase following post-election rally
BTC/USD
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Bitcoin (BTC) continues to dig further into a consolidation phase following a record rally in the wake of Donald Trump’s election victory.

The world’s largest cryptocurrency soared to an all-time high after pro-crypto president-elect Trump won his second term in office.

However, the BTC/USD pair fell just short of the $100,000 price point to top out at $99,600 towards the end of October.

Since then, bitcoin has entered a volatile sideways trade within the mid-$90,000 range.

Weekend bitcoin trades were largely uneventful before the bitcoin spot price dipped by over 2% this morning.

At the time of writing, the BTC/USD pair was swapping near the flat $95,000 mark.

Spot-bitcoin exchange-traded fund volumes petered out towards the end of last week following a multi-billion-dollar inflow bonanza in the prior week.

Bitcoin is up 125% year to date – Source: tradingview.com

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