Bitcoin prices little changed, but downside test of $3,000 is in play, says analyst
Story by: AARON HANKIN
Bitcoin prices were mostly unchanged early Monday, extending the subdued period for the best-known digital currency, but keeping $3,000 in sight.
On Monday, a single bitcoin BTCUSD, +0.67% was fetching $3,435.99, up 0.4% since Sunday’s level at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
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What are analysts saying
David Thomas, director and co-founder of GlobalBlock, a crypto brokerage firm, said the overarching bearish sentiment on bitcoin means a move below $3,000 isn’t out of the question: “February begins and the past week in crypto has been comparatively dull by the standards that we have become accustomed to, and for the most part caution and negativity still prevail,” he wrote.
“The last week saw a tight-trading range for BTC between $3,400 and $3,523. Overall sentiment, as mentioned above still appears to be bearish and the $3,000 support level muted last week remains in play with further support at $2,600. If we were to see a squeeze higher then resistance still stands at $4,000.”
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In the news
San Francisco-based cryptocurrency exchange Kraken said on Monday it had acquired Crypto Facilities in a “nine-figure” deal that would enable its clients to trade cash-settled futures in a number of large cryptocurrency pairs. “I’m thrilled to welcome the Crypto Facilities team into the Kraken family,” said Jesse Powell, CEO of Kraken in a news release.
“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.”
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Altcoins and futures
Altcoins — the group of more than 2,000 cryptocurrencies other than bitcoin — were trading higher on Monday. Ether, ETHUSD, +1.04% was up 1% at $106.08, Litecoin LTCUSD, +2.49% rose 1.6% to $33.39, Bitcoin Cash BCHUSD, +0.78% is up 1.1% at $117.40 and XRP, XRPUSD, +0.17% last changed hands at 30 cents, up 0.1%.
Futures were trading lower on Monday. The Cboe Global Markets February contract XBTG9, -0.58% was down 1% at $3,390, while the CME Group February
Original story by: https://www.marketwatch.com/story/bitcoin-downside-test-of-3000-is-in-play-says-analyst-2019-02-04
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