Bitcoin prices fell Wednesday, extending the slide that has seen the cryptocurrency fall 5% since making a three-week high above $3,700 last week.
In early trading, one bitcoin,
the world’s largest digital currency, was changing hands at $3,571.30, down 0.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency is on the brink of a third consecutive losing session.
What are analysts saying
“Bitcoin continues to trade in a range with little fundamental news to drive prices action,” wrote Nick Cawley, analyst at Daily FX.
“The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long way below the 200-day MA. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790.” Market technicians use moving averages to help gauge bullish and bearish trends in an asset.
Altcoins and futures
Altcoins, or coins other than bitcoin, were trading mixed on Wednesday. Ether
rose 1.3% to $121.18, Bitcoin Cash
was unchanged at $120.60, XRP
lost 0.3% to 30 cents and Litecoin,
fell 2.2% to $41.88.
Bitcoin futures were tracking spot prices lower on Wednesday. The Cboe Global Markets February contract
fell 1% to $3,570, while the CME Group February contract
was trading at $3,575, down 0.8%.
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