Bitcoin slips more than 4% after it rose above $57,800 on Monday.
The cryptocurrency BTCUSD, +0.93% is recently trading at $55,526, down 3.3% for the past 24 hours. Bitcoin is still up 12% over the past seven days.
The BitVol Index, which measures the 30-day implied volatility for bitcoin option prices, has jumped more than 10% over the last 10 days, LaValle noted. However, after the consolidation, bitcoin could test a record high in the coming weeks, as the cryptocurrency maintains a positive intermediate-term momentum, Stockton noted.
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