Bitcoin back below $4,000 as selloff returns

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 BTCUSD, -5.16% has surrendered close to half of the gains and was last trading at $3,961.10, down 5.4% since Thursday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

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.

Altcoins stumble again

Altcoins, or smaller coins other than bitcoin, have started Friday with hefty losses. Ether ETHUSD, -2.70% was down 2.8% at $111.94, Litecoin LTCUSD, -5.29% has tumbled 6% at $31.11, XRP XRPUSD, -4.69% has slid 5.1% to 35 cents, and Bitcoin Cash BCHUSD, -3.74% has fallen 5% to $167.60.

Bitcoin futures have opened lower on Friday. The Cboe Global Markets December contract XBTZ8, -3.79% dropped 4% at $3,930 while the CME Group November contract BTCX8, -5.74% plunged 7.1% at $3,885.

 

/marketwatch.com

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