Cryptos: Bitcoin Rebounds, But Expects Further Downside, Says Analyst

Bitcoin prices moved higher on Tuesday, recovering part of the prior session’s losses that saw the digital currency trade to its lowest level in two weeks.

In Tuesday afternoon trade, bitcoin BTCUSD, -0.06%  was changing hands at $3,915.70, up 0.8% since Monday’s level at 5 p.m. Eastern time on the Kraken exchange.

Read: Dow futures climb as China trade talks resume

What are analysts saying

Despite the overnight recovery, analyst Jani Ziedins of the CrackedMarket blog said bitcoin is far from out of the woods. “Bitcoin cannot escape $4k resistance even after poking its head above it the last week. If dip buyers have not come to the rescue yet, it means they are not coming,” he wrote.

“An investment that refuses to go up will eventually go down. Bitcoin owners need to be prepared for more near-term weakness.”

Read: This Canadian crypto trader sent $75,000 bitcoin to Quadriga’s exchange—then it went bust

Altcoins and futures

Smaller digital currencies, often referred to as altcoins, were mostly lower on Tuesday. Litecoin LTCUSD, +0.31% fell 0.2% to $58.08, Bitcoin Cash BCHUSD, -0.06% was down 0.5% at $155.70, XRP XRPUSD, +0.30% fell 1.1% to 30 cents and Ether, ETHUSD, +0.03%  the second-largest digital currency, was bucking the trend, rising 0.8% to $132.80

Bitcoin futures closed out Tuesday in the green. The Cboe April contract XBTJ9, +0.78%  gained 0.8% to $3,900, while the CME March contract BTCH9, +0.13%  added 0.3% to $3,905.

Read: Wall Street embraced bitcoin as the next big thing, but crypto slumped and the party got postponed

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