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
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.
Read: If history repeats itself, this chart will awaken bitcoin bulls
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.
Read: Bitcoin is on track to do something it hasn’t done in 4 years
Altcoins stumble again
Altcoins, or coins other than bitcoin, were on track for consecutive losing sessions. Ether
was down 2% at $112.80, Litecoin
has tumbled 4.8% at $31.50, XRP
has slid 4% to 36 cents, and Bitcoin Cash
is off 2.3% at $172.40.
Bitcoin futures traded lower on Friday. The Cboe Global Markets December contract
ended the session down 3.8% to $3,935 while the CME Group December contract
fell 5.7% to $3,930.
Read: Hunker down, crypto owners, because the worst has yet to come: Fred Wilson
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