After reaching a fresh all-time high yesterday, bitcoin could be losing its upside momentum.
The world's largest cryptocurrency by market value clocked a new lifetime high of $11,831 at 20:30 UTC Sunday, but closed below the previous record high of $11,377, according to CoinDesk's Bitcoin Price Index. At press time, BTC was trading at $11,238 – up 0.5 percent for the session.
As per CoinMarketCap, week-on-week, bitcoin (BTC) is up 18 percent, while on a monthly basis, it has gained more than 50 percent.
While the bull market is still intact, bitcoin's failure to close above the previous record high indicates bull market exhaustion – perhaps associated with investor discussion on social media of possible upcoming South Korean and EU legislation around cryptocurrencies.