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Cryptos: Bitcoin trades back below $4,000 as selloff returns

Any bitcoin revival is on hold as the price of the world’s best-known cryptocurrency trades back below $4,000.

After bouncing more than 20% of its low, bitcoin BTCUSD, -4.98% has surrendered close to half of the gains and was last trading at $3,988.91, down 5.2% since Thursday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Earlier in the session bitcoin traded to an intraday low at $3,893.31.

Read:If history repeats itself, this chart will awaken bitcoin bulls

What are strategists saying

Analysts at U.K.-based research firm FX Pro Insights said the selling above $4,000 is most likely short-term traders booking some profits.

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