Bitcoin trades lower as ‘darker days still lie ahead,’ says analyst

Bitcoin traded lower Thursday afternoon, on track to log its sixth losing session over the past seven.

A single bitcoin
BTCUSD, -0.89%
was changing hands at $3,429.68, down 1% since Wednesday at 5 p.m. Eastern Time on the Kraken crypto exchange. Having opened the year near $3,700, the cryptocurrency is set to kick off the year with a losing month.

Read: Bitcoin is about to do something it has never done before — hint: it’s not good

What are analysts saying

“Bitcoin appears to have stabilized again following a couple of volatile months that saw it once again come under pressure. The last few weeks has seen it trading in much tighter ranges but at the same time, it has continued to drift lower which only reaffirms my view that darker days still lie ahead,” said Craig Erlam, senior market analyst at Oanda.

“If we can see a break above $4,500, it would suggest near-term downside risks have abated and bring $6,000 back into focus but as it stands, momentum remains with the bears on this one.”

Read: Cryptos are ‘entirely unsuitable for investing in’: CEO of Allianz Global Investors

Altcoins and futures

Altcoins — the collective group of coins other than bitcoin — are moving lower with bitcoin on Thursday. Ether,
ETHUSD, -1.76%
was down 2% at $105.16, Litecoin
LTCUSD, -1.41%
fell 1.1% to $31.01, Bitcoin Cash
BCHUSD, -3.07%
is down 2.8% at $112.30 and XRP,
XRPUSD, -3.19%
was trading 3% lower at 31 cents.

The broad-based decline has the total value of all cryptocurrencies at $113.3 billion, according to data from CoinMarketCap.

Futures finished the session lower on Thursday. The Cboe Global Markets February contract
XBTG9, -0.88%
closed down 0.4% at $3,395, while the CME Group February contract
BTCG9, -1.03%
lost 0.7% to $3,385.

Read: Here’s why bitcoin isn’t the next gold, in one chart

Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.

Aaron Hankin

Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.

We Want to Hear from You

Join the conversation


Quote References BTCUSD -30.49 -0.89% ETHUSD -1.86 -1.76% LTCUSD -0.44 -1.41% BCHUSD -3.50 -3.07% XRPUSD -0.01 -3.19% XBTG9 -30.00 -0.88% BTCG9 -35.00 -1.03% Show all references
MarketWatch Partner Center
Most Popular Fidelity’s average retirement account balances dropped — the reason why may surprise you