Bitcoin prices rise 2% but ‘demand is still a serious problem,’ says analyst – MarketWatch

Bitcoin prices were moving higher on Thursday, gaining as much as 2% and dragging the digital currency more than 3.5% off Wednesday’s low.

In morning action, a single bitcoin

BTCUSD, -0.22%

 was fetching $3,837.21, up 1.5% since Wednesday’s level at 5 p.m. Eastern time on the Kraken exchange. The cryptocurrency traded to an intraday high at $3,915.51, its highest level of the week.

Read: Nearly half of all tech executives say the blockchain revolution is coming, survey finds

What are analysts saying

“Bitcoin failed to hold on to last week’s rebound [above $4,000] and slipped back under this psychologically significant level. If dip buyers were waiting to pounce on these discounts, they would have done so by now,” wrote Jani Ziedins of the CrackedMarket blog.

“The latest rebound failing to stick tells us demand is still a serious problem for the cryptocurrency and no one is coming to the rescue anytime soon.”

Read: What crypto bear market? Investment funds have poured $1.6 billion into the industry since 2018

Altcoins and futures

Most altcoins—digital currencies other than bitcoin—are outperforming bitcoin on Thursday. Ether

ETHUSD, -0.13%

 gained 3.1% to $134.95, Litecoin

LTCUSD, -0.85%

was up 4.2% to $45.85, Bitcoin Cash

BCHUSD, -0.15%

rose 1.4% to $130.20 and XRP

XRPUSD, -0.46%

was up 2.4% to 31 cents.

READ  Hong Kong’s Bitcoin spike: Foresight or fluke? - Modern Consensus

Bitcoin futures closed higher on Thursday. The Cboe Global Markets March contract

XBTJ9, -0.40%

 finished up 1.8% at $3,802.50 and the CME Group March contract

BTCH9, -0.13%

 closed up 2.3% at $3,795.

Read: How Donald Trump and the Fed could ignite a ‘shock and awe’ market rally

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