Bitcoin backs off three-week high, trades below $3,600 – MarketWatch

Bitcoin prices fell for the second straight day on Tuesday, easing off the three-week high made on Friday.

In early trading, one bitcoin

BTCUSD, -0.21%

 was fetching $3,571.60, down 0.6% since Monday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency has slipped 4% from its Friday high above $3,700.

Read: U.S. stock futures climb as lawmakers reach tentative shutdown deal

What are analysts saying

“We expect the final wave of desperation to take us to the mid-to-high $2000’s before the market starts the recovery,” wrote Tim Kelly, founder and CEO of BitOoda, a digital asset advisory firm. “We could be wrong, of course, and until the 2018 low is taken out (it has not been revisited yet), there is a possibility that the selloff is done.”

Kelly added that his downside target is $2,400 to $2,800 but a short covering rally could “easily take BTC to $4030-$4300 cluster of previous highs or even to $5600-$6000 support level that has become resistance”

In the news

Speaking at the Inside ETFs conference in Florida, Ric Edelman, founder of Edelman Financial Engines said a bitcoin-related exchange traded fund is only a matter of time. “It’s virtually certain. The only question is when,” he told CNBC late Monday.

Read: We are too quick ‘in running away from anything labeled crypto,’ SEC commissioner

Altcoins and futures

Altcoins — the collective group of more than 2,000 cryptocurrencies other than bitcoin — were mostly lower on Tuesday. Ether

ETHUSD, -0.12%

fell 0.3% to $119.19, Bitcoin Cash

BCHUSD, -0.25%

was down 1.1% to $119.60, XRP

XRPUSD, +0.02%

lost 0.3% to 30 cents and Litecoin,

LTCUSD, +1.92%

rose 1.8% to $42.90.

Bitcoin futures were moving lower on Tuesday. The Cboe Global Markets February contract

XBTG9, -0.56%

fell 0.7% to $3,570, while the CME Group February contract

BTCG9, -0.83%

was down 0.8% at $3,675.

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