Bitcoin drops toward $86,000 as ‘lack of conviction’ keeps a lid on crypto prices
Bitcoin (BTC-USD) tumbled to hover around $86,000 on Monday as strategists remained skeptical of a year-end crypto rally.
The world’s largest cryptocurrency is currently down around 8% year to date. Last week, it was unable to punch above $94,000.
Strategists note that flows into bitcoin exchange-traded funds have been weak in recent weeks, capping upward movement after the token tumbled from a record high of about $126,000 in October to nearly $80,000 last month.
“Bitcoin is more likely to continue trading in a consolidation phase with a relatively wide range between $80,000 and $100,000, rather than entering a strong bullish trend,” Linh Tran, senior market analyst at XS.com, said.
Meanwhile, 10X Research said in a…
