Bitcoin edged lower as its rally since Donald Trump’s U.S. presidential election victory paused ahead of the key $100,000 milestone.
However, the cryptocurrency could soon resume its rise, XTB’s Kathleen Brooks said in a note.
“We continue to think that bitcoin will breach the $100,000 level in the coming days and weeks, although it could be choppy in the lead-up to this key level,” she said.
There are many put options—which bet on the cryptocurrency falling—around $98,000-$99,000. These could “trip up investors looking for a quick run to $100,000.”
Bitcoin falls 1.1% to $98,289 after hitting a record high of $99,830 on Friday, according to LSEG.
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