Bitcoin steadies, but on track to close out the week in the red


Coming off Thursday’s rout, bitcoin prices are trading mostly unchanged to begin Friday, but remain on track to close out the week in the red.

On Friday morning, a single bitcoin,

BTCUSD, +0.03%

 the best-known cryptocurrency, changed hands at $3,660.58, down 0.1% since Thursday at 5 p.m. Eastern Time on the Kraken crypto exchange.

After opening the week above $4,000, bitcoin is set to log a losing week and has yet to notch back-to-back winning weeks since the beginning of September 2018, when the price of bitcoin was trading above $6,500.

Read: This chart pattern spells renewed danger for bitcoin, analyst says

What are analysts saying

After yet another failed attempt to the topside, analyst Jani Ziedins of the Cracked Market blog said investors should still be playing bitcoin from the short-side. “Bitcoin’s attempted rebound was rebuffed at $4k resistance and so far traders seem more inclined to sell the bounce than buy the rebound,” he wrote.

“These things form sharp, v-bottoms when they go too far. BTC’s lethargic rebound tells us we still haven’t reached oversold levels yet. Until further notice, every bounce is still a selling opportunity.”

Read: Nearly 4 in 5 individual investors are still bullish on bitcoin

Altcoins mostly lower

Altcoins — the market for cryptocurrencies other than bitcoin — are trading mostly lower on Friday. Ether was down 2.6% at $124.06, Litecoin

LTCUSD, -2.84%

was off 2.5% to $32.64, Bitcoin Cash

BCHUSD, -3.52%

was down 4.1% at $128.20 and XRP,

XRPUSD, +0.31%

was bucking the trend, trading higher by 0.3% at 33 cents.

Bitcoin futures are off to a mixed start on Friday. The Cboe Global Markets February contract

XBTG9, -0.14%

was trading down 0.1% at $3,585, and the CME Group February contract

BTCG9, +0.14%

was unchanged at $3,595.

Read: Winklevoss twins’ Gemini cryptocurrency ad campaign hopes to ignite the ‘people’s movement’

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Source : MTV