Bitcoin Falls, but on Track for Fourth-Straight Monthly Gain

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Bitcoin continued to trade in the red on Friday, but looked set to record its fourth-straight monthly gain following rallies for most of the month.

Bitcoin fell 2.65% to $8,401, but remained well of its lows of about $8,000.

Bitcoin's second-straight day of losses, following its brief surge above $9,000 on Thursday, has seemingly done little to knock sentiment as traders showed a willingness to back the popular crypto at the key $8,000 handle.

The correction from a day earlier was expected, with some suggesting that bitcoin was set for a period of consolidation following its parabolic rally, which saw its price more-than-double in four months.

Galaxy Digital CEO Mike Novogratz told Bloomberg during a conference call that "on a go-forward basis, bitcoin probably consolidates somewhere between $7,000 and $10,000."

Other cryptos fell in tandem with bitcoin, with XRP/USD falling 4.23% to $0.42367, ETH/USD down 3.90% to $258.82 and LTC/USD shedding 3.21% to $109.70.