Bitcoin prices, moving lower Wednesday, have backed away from a key line at $4,000, nearing a one-week low.
The price of a single bitcoin, BTCUSD, -1.91% the world’s largest cryptocurrency, was last trading at $3,833.10, down 1.7% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. A move below $3,750 would mark its lowest level since Nov. 27.
What are analysts saying
Despite the persistent selling pressure, one market watcher said at these levels there is more upside than downside for those looking to find an entry point.
“Bitcoin continues flirting with the $4k level as it struggles to find its footing following the latest selloff,” wrote Jani Ziedens of the CrackedMarket blog. “But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.”
Bitcoin Cash sheds 9%, makes new all-time low
Coins other than bitcoin, colloquially known as altcoins, are all lower on Wednesday. Ether, ETHUSD, -2.67% the currency that runs on the ethereum network, was trading down 2.1% at $106.64, Litecoin LTCUSD, -2.64% has moved back below $30, trading at $29.85, down 2.8% on the day, XRP,XRPUSD, -2.15% is lower by 1.8% at 34 cents and Bitcoin CashBCHUSD, -5.36% was the worst-performing altcoin, down 9.2% at $133.90.
“The world’s 5th-largest cryptocurrency continues to record losses in the aftermath of the hard fork it went through last month, and as part of the market-wide trend,” wrote analysts at eToro in a Wednesday markets blog. “Bitcoin Cash tumbled an additional 8% over the past 24 hours, and further extended its losses to record a new all-time low.”
Bitcoin futures have opened lower and have given up most of Tuesday’s gains. The Cboe Global Markets December contract XBTZ8, -1.24% is down 1% to $3,800 while the CME Group December contract BTCZ8, -1.04% has lost 0.9%, trading at $3,810.