Bitcoin prices were moving higher on Thursday, gaining as much as 2% and dragging the digital currency more than 3.5% off Wednesday’s low.
In morning action, a single bitcoin BTCUSD, +2.76% was fetching $3,859.79, up 2.1% since Wednesday’s level at 5 p.m. Eastern time on the Kraken exchange.
What are analysts saying
“Bitcoin failed to hold on to last week’s rebound [above $4,000] and slipped back under this psychologically significant level. If dip buyers were waiting to pounce on these discounts, they would have done so by now,” wrote Jani Ziedins of the CrackedMarket blog.
“The latest rebound failing to stick tells us demand is still a serious problem for the cryptocurrency and no one is coming to the rescue anytime soon.”
Altcoins and futures
Most altcoins — digital currencies other than bitcoin — are outperforming bitcoin on Thursday. Ether ETHUSD, +4.40% gained 4.4% to $136.66, Litecoin LTCUSD, +5.02% was up 4.6% to $45.99, Bitcoin Cash BCHUSD, +2.34% rose 2% to $131.00 and XRPXRPUSD, +2.18% was up 2.2% to 31 cents.
Bitcoin futures are looking to snap a three-day skid. In morning trade, the Cboe Global Markets March contract XBTJ9, +3.08% rose 2.4% to $3,815 and the CME Group March contract BTCH9, +3.64% added 2.6% to $3,805.