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After reversing at all-time highs of $58,312 on Sunday, Bitcoin fell almost $7,000 in under an hour, sparking intense volatility, which continued at the time of writing.

In fresh analysis on Monday, he noted that historically, this time of year is not when crypto markets put in their strongest performance.

Elon Musk tweeted on Saturday that prices 'seem high,'" markets commentator Holger Zschaepitz tweeted, quoting a headline from Bloomberg that focused on off-the-cuff remarks from Musk last week.

As Cointelegraph reported, various factors were converging to signal that a correction was imminent even before it gathered pace, among them being suspected plans among whales to sell some BTC.

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