Bitcoin and major cryptocurrency prices rose on Friday, looking to snap a run of two consecutive losing weeks.
On Friday, bitcoin,
the best-known cryptocurrency, was trading at $3,390.70, up 0.9% since Thursday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency needs to close the week above $3,415 to prevent it from booking its third-consecutive losing week.
Read: Bitcoin hasn’t been this oversold in 4 years, chart watcher says
What are analysts saying
“For the past few weeks, we have not seen any significant movement in the bitcoin price. We are stuck in a price range of $3183 (17 December low) to $4234 (24th December high), as long as we are not breaking out of this range, there is nothing new,” wrote Naeem Aslam, chief market analyst at Think Markets UK.
However, Aslam added that a break out of the range would provide a marked change in sentiment, with the biggest risk being another leg lower. “On the flip side, the support of $3000 is really important for us and no one wants to see the price breaking below this because that will trigger a blood bath on the street.”
Read: Crypto exchange customers can’t access $190 million after CEO dies with sole password
Altcoins and futures
On Friday, altcoins — coins other than bitcoin — traded higher. Ether
rose 3.7% to $106.95, Litecoin
surged 13.4% to $37.21, Bitcoin Cash
added 3.8% to $117.30 and XRP,
was up 2.2% to 30 cents.
Futures followed spot prices higher on Friday. The Cboe Global Markets February contract
was up 1.2% at $3,390, while the CME Group February contract
added 1.4% to $3,385.
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