Investing.com – Bitcoin continued to trade in the red on Friday, but looked set to record its fourth-straight monthly gain following rallies for most of the month.
fell 2.65% to $8,401, but remained well of its lows of about $8,000.
Bitcoin’s second-straight day of losses, following its brief surge above $9,000 on Thursday, has seemingly done little to knock sentiment as traders showed a willingness to back the popular crypto at the key $8,000 handle.
The correction from a day earlier was expected, with some suggesting that bitcoin was set for a period of consolidation following its parabolic rally, which saw its price more-than-double in four months.
Galaxy Digital CEO Mike Novogratz told Bloomberg during a conference call that “on a go-forward basis, bitcoin probably consolidates somewhere between $7,000 and $10,000.”
Other cryptos fell in tandem with bitcoin, with falling 4.23% to $0.42367, down 3.90% to $258.82 and shedding 3.21% to $109.70.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.