Bitcoin Fluctuates As Traders Decelerate Speculation

Bitcoin fluctuated around a key inflection point of $60,000 on Wednesday as traders appeared to rein in excessive speculation that is sent the world’s largest cryptocurrency to a record last week.

Bitcoin has dropped roughly 13% from its all-time high of $68,990, recorded on Nov. 10, dipping below $60,000 on Wednesday.

The digital token fell as much as 3.4%, before paring losses to trade flat. The recent slide from an all-time of $68,991 has been attributed by some observers to profit-taking ahead of the year’s end.

But the decline of meme coins like Dogecoin and Shiba Inu also suggests cryptocurrencies may be flushing out some of the speculation driven by retail traders. According to crypto market observers, the worst of bitcoin pullback may be over.

The cryptocurrency BTCUSD is recently trading at $60,135, down 0.8% over the past 24 hours while Ether ETHUSD is recently trading at about $4,230, down 2.2% over the past 24 hours.