Home / Latest Bitcoin News / Bitcoin below $3,000 would trigger a ‘blood bath’, says analyst

Bitcoin below $3,000 would trigger a ‘blood bath’, says analyst

Bitcoin prices traded higher on Friday, looking to snap a run of two consecutive losing weeks.

On Friday, a single bitcoin,

BTCUSD, +3.98%

 the best-known cryptocurrency, was fetching $3,447.10, up 2.5% since Thursday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency needs to close the week above $3,415 to prevent it from booking its third-consecutive losing week.

Read: Bitcoin hasn’t been this oversold in 4 years, chart watcher says

What are analysts saying

“For the past few weeks, we have not seen any significant movement in the bitcoin price. We are stuck in a price range of $3183 (17 December low) to $4234 (Dec. 24 high), as long as we are not breaking out of this range, there is nothing new,” wrote Naeem Aslam, chief market analyst at Think Markets UK.

However, Aslam said that a break out of the range would provide a marked change in sentiment, with the biggest risk being another leg lower. “On the flip side, the support of $3000 is really important for us and no one wants to see the price breaking below this because that will trigger a blood bath on the street.”

Read: Crypto exchange customers can’t access $190 million after CEO dies with sole password

Altcoins and futures

On Friday, altcoins — coins other than bitcoin — traded higher. Litecoin

LTCUSD, +20.35%

was the best-performing major altcoin, rising 18.4% to $38.85. It’s move saw it surpass EOS and Bitcoin Cash to become the fourth largest cryptocurrency by market value at $2.37 billion.

Elsewhere, Ether

ETHUSD, +10.91%

rose 7.4% to $110.75, Bitcoin Cash

BCHUSD, +9.82%

added 5.5% to $119.20 and XRP,

XRPUSD, +5.55%

was up 3.9% to 30 cents.

Futures followed spot prices higher on Friday. The Cboe Global Markets February contract

XBTG9, +3.15%

was up 2.8% at $3,445, while the CME Group February contract

BTCG9, +3.14%

added 3% to $3,440.

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