ChainCatcher News, Zaye Capital Markets analyst Naim Aslam stated in a report that concerns about the ongoing consolidation of Bitcoin persist, which could lead to further declines before a rebound occurs.

According to data from LSEG, Bitcoin fell 2.4% intraday to $95,144. Boosted by the prospect of more favorable cryptocurrency regulation under President-elect Trump, Bitcoin previously reached a historic high of $99,830. However, as the initial momentum from Trump's election win faded, the price of Bitcoin also retreated.