5 months ago

Bitcoin Prices on Track for Three-day Skid

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.

Source: MarketWatch.com

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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