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Bitcoin trades back below $4,000 as selloff returns
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Bitcoin trades back below $4,000 as selloff returns

Any bitcoin revival is on hold as the price of the world’s best-known cryptocurrency trades back below $4,000.

After bouncing more than 20% of its low, bitcoin BTCUSD, -6.40%  has surrendered close to half of the gains and was last trading at $3,988.91, down 5.2% since Thursday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Earlier in the session bitcoin traded to an intraday low at $3,893.31.

What are strategists saying

Analysts at U.K.-based research firm FX Pro Insights said the selling above $4,000 is most likely short-term traders booking some profits. “The real question is: Has the crypto market indeed reached the bottom?” they wrote.

“Many market participants have decided to take an optimistic approach and BTC’s decline to $3500 was an important support point for the cryptocurrency. Within this context, it should be noted that speculators may soon begin to profit from this trend, which may trigger a new wave of sales,” FX Pro Insights analysts wrote.

Altcoins stumble again

Altcoins, or coins other than bitcoin, were on track for consecutive losing sessions. Ether ETHUSD, -3.77% was down 2% at $112.80, LitecoinLTCUSD, -5.71% has tumbled 4.8% at $31.50, XRP XRPUSD, -5.16% has slid 4% to 36 cents, and Bitcoin Cash BCHUSD, -4.31% is off 2.3% at $172.40.

 

Bitcoin futures traded lower on Friday. The Cboe Global Markets December contract XBTZ8, -4.03% dropped 3.7% to $3,945 while the CME Group December contract BTCZ8, -6.47%  fell 5.6% to $3,940

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