Bitcoin Nears First Red Week in a Month as Rally Loses Steam
- Largest cryptocurrency is down about 1.8% for the week
- Next halving event likely reflected in current price: JPMorgan
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A resurgence in retail trading has sent the price of Bitcoin to a recent high of about $52,000. But the current rally may be losing steam, with the largest cryptocurrency on track for its first red week in over a month.
Bitcoin is down about 1.8% for the week as of 2:15 p.m. in New York on Friday. If the trend continues, it will be the first negative week for Bitcoin since its current rally began in late January. Retail investors enthusiastic about the recent approval of spot Bitcoin exchange-traded funds and the next 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.