Bitcoin Faces First Red Week in Over a Month Amid Retail Trading Resurgence

According to Bloomberg, the resurgence in retail trading has pushed the price of Bitcoin to a recent high of about $52,000. However, the current rally may be losing momentum, with the largest cryptocurrency on track for its first red week in over a month. As of 2:15 p.m. in New York on Friday, Bitcoin is down about 1.8% for the week. If the trend continues, it will be the first negative week for Bitcoin since its current rally began in late January. Retail investors, excited about the recent approval of spot Bitcoin exchange-traded funds and the upcoming halving event, which will cut the supply of newly minted Bitcoin in half, have driven up the price of the asset by 25% in recent weeks. Strategists have noted that 'Bitcoin bulls are pausing for breath after an impressive 4-weeks of gains. After such a strong rally, a bout of profit-taking is to be expected.'