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

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

Every bounce is a selling opportunity, says analyst

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

On Friday, a single bitcoin, BTCUSD, -0.44% the best-known cryptocurrency, changed hands at $3,675.31, up 0.3% 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.

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,” Ziedins said.

Altcoins mostly lower

Altcoins — cryptocurrencies other than bitcoin — are trading mostly lower on Friday. Ether was down 0.8% at $126.30, Litecoin LTCUSD, -1.41% was off 1.5% to $32.96, Bitcoin Cash BCHUSD, +3.22% was down 2.6% at $130.20 and XRP, XRPUSD, +0.02% was bucking the trend, trading higher by 1.3% at 33 cents.

Bitcoin futures closed slightly higher on Friday. The Cboe Global Markets February contract XBTG9, +0.68% finished up 0.7% at $3,620, and the CME Group February contract BTCG9, +2.23% ended the day up 0.5% at $3,620.

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