Image: Bitcoin concept related to global markets.
On Wednesday, Bitcoin prices fell, 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% was at the $3,571.30 level, down 0.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange, and Bitcoin is on the brink of a third consecutive losing session.
“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.”
Image: Bitcoin chart.
What Happened to Altcoins and Futures on Wednesday?
Altcoins were trading mixed on Wednesday:
• Ethereum, ETHUSD, -0.41% rose 0.6% to $120.33;
• Bitcoin Cash, BCHUSD, -0.42% was unchanged at $120.70;
• XRP, XRPUSD, -0.49% gained 0.5% to 30 cents;
• Litecoin, LTCUSD, -1.26% fell 4.1% to $41.08.
Bitcoin futures were tracking spot prices lower on Wednesday:
1. the Cboe Global Markets February contract US:XBTG9 ended 1% lower at $3,567.93;
2. the CME Group February contract BTCG9, -0.28% was trading at $3,575, down 0.8%.
Sources: MarketWatch.com, Investing.com, Reuters.com, Bloomberg.com, BusinessInsider.com.
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