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,
BTCUSD, +0.06%
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.
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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.
Daily FX
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Altcoins and futures
Altcoins, or coins other than bitcoin, were trading mixed on Wednesday. Ether
ETHUSD, +1.86%
rose 1.3% to $121.18, Bitcoin Cash
BCHUSD, +0.66%
was unchanged at $120.60, XRP
XRPUSD, +0.67%
lost 0.3% to 30 cents and Litecoin,
LTCUSD, -1.31%
fell 2.2% to $41.88.
Bitcoin futures were tracking spot prices lower on Wednesday. The Cboe Global Markets February contract
XBTG9, -0.69%
fell 1% to $3,570, while the CME Group February contract
BTCG9, -0.69%
was trading at $3,575, down 0.8%.
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