Bitcoin downside test of $3,000 is in play, says analyst – MarketWatch


Bitcoin prices were mostly unchanged on Monday, extending the subdued period for the best-known digital currency, but keeping $3,000 in sight.

On Monday, a single bitcoin

BTCUSD, +0.38%

 was fetching $3,429.57, up 0.2% since Sunday’s level at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

Read: Stock futures point to consolidation as investors await another round of earnings

What are analysts saying

David Thomas, director and cofounder of GlobalBlock, a crypto brokerage firm, said the overarching bearish sentiment on bitcoin means a move below $3,000 is not out of the question: “February begins and the past week in crypto has been comparatively dull by the standards that we have become accustomed to, and for the most part caution and negativity still prevail,” he wrote.

“The last week saw a tight-trading range for BTC between $3,400 and $3,523. Overall sentiment, as mentioned above still appears to be bearish and the $3,000 support level muted last week remains in play with further support at $2,600. If we were to see a squeeze higher then resistance still stands at $4,000.”

Read: Bitcoin is about to do something it has never done before — hint: it’s not good

Altcoins and futures

Altcoins — the group of more than 2,000 cryptocurrencies other than bitcoin — were mostly higher on Monday. Ether,

ETHUSD, +0.82%

was up 0.8% at $105.90, Litecoin

LTCUSD, +2.01%

rose 2.2% to $33.58, Bitcoin Cash

BCHUSD, +1.12%

is up 0.5% at $116.70 and XRP,

XRPUSD, +0.17%

was trading 0.2% lower at 30 cents.

Futures were trading lower on Monday. The Cboe Global Markets February contract

XBTG9, -1.02%

was down 1% at $3,390, while the CME Group February contract

BTCG9, -1.17%

fell 1.2% to $3,385.

Read: Here’s why bitcoin isn’t the next gold, in one chart

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