Bitcoin prices tumbled lower on Monday, losing as much as 2.5% and surrendering some recent gains that saw the best-known cryptocurrency log its fifth consecutive winning week.
In Monday trade, a single bitcoin BTCUSD, +0.38% fetched $3,988.50, down 1.8% since Sunday’s level at 5 p.m. Eastern time. The cryptocurrency hit an intraday low at $3,861.30. Its weekly win streak is the longest since April 2018.
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What are analysts saying
“BTC’s feel at the very moment is that it wants to probe the recent highs and see how strong the resistance is sitting at the $4,200 level,” wrote Tim Kelly, founder and CEO of BitOoda, a digital asset regulated broker-dealer.
“Unless large buying volumes come into the market, probing is all we shall see at that resistance level. We believe it will take a serious force of buying to take those levels out to the upside.”
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Altcoins and futures
Altcoins — digital currencies other than bitcoin — were lower in late Monday trade. Ether ETHUSD, +0.99% fell 2.1% to $131.97, Litecoin LTCUSD, +0.72% was off 1.5% to $58.31, Bitcoin Cash BCHUSD, +1.53% was down 4.6% at $155.60 and XRP XRPUSD, +0.20% lost 1.2% to 30 cents.
Bitcoin futures ended Monday well in the red. The Cboe April contract XBTJ9, +0.52% closed down 2.8% at $3,870, while the CME March contract BTCH9, +0.00% fell 2.7% to $3,865.
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