Business

Bitcoin trades lower and ‘darker days still lie ahead,’ says analyst

Story Highlights
  • Knowledge is power
  • The Future Of Possible
  • Hibs and Ross County fans on final
  • Tip of the day: That man again
  • Hibs and Ross County fans on final
  • Spieth in danger of missing cut

Bitcoin traded lower early Thursday, on track to log its sixth losing session over the past seven.

In morning trade, a single bitcoin BTCUSD, -0.59% was changing hands at $3,438.96, down 0.7% since Wednesday at 5 p.m. Eastern Time on the Kraken crypto exchange. Having opened the year near $3,700, the cryptocurrency is set to kick off the year with a losing month.

What are analysts saying

“Bitcoin appears to have stabilized again following a couple of volatile months that saw it once again come under pressure. The last few weeks has seen it trading in much tighter ranges but at the same time, it has continued to drift lower which only reaffirms my view that darker days still lie ahead,” said Craig Erlam, senior market analyst at Oanda.

“If we can see a break above $4,500, it would suggest near-term downside risks have abated and bring $6,000 back into focus but as it stands, momentum remains with the bears on this one.”

Altcoins and futures

Altcoin — the collective group of coins other than bitcoin — are moving lower with bitcoin on Thursday. Ether, ETHUSD, -1.26% was down 0.7% at $106.03, Litecoin LTCUSD, -0.67% fell 0.4% to $31.23, Bitcoin Cash BCHUSD, -2.33% is down 2.4% at $113.30 and XRP, XRPUSD, -2.39% was trading 3.1% lower at 31 cents.

The broad-based decline has the total value of all cryptocurrencies at $113.3 billion, according to data from CoinMarketCap.

Futures were tracking spot prices lower on Thursday. The Cboe Global Markets February contract XBTG9, -0.80% was off 0.8% at $3,390, while the CME Group February contract BTCG9, -0.88% lost 0.7% to $3,385.

|Market Watch

GWO

Ghanaweb Onine is dedicated to bringing you news from various media groups in Ghana,Africa and around the world to keep you informed and educated as you go about your daily lives. Disclaimer: The views of each article are the sole responsibility of the author and do not reflect that of Ghana web online.We are not responsible for any misinformation or incorrect statement. If you need any more clarification on an article please direct them to the original source.All contents belong to their respective owners we do not own it.

Related Articles

Leave a Reply

Back to top button