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
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.
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.”
Altcoins and futures
Most altcoins—digital currencies other than bitcoin—are outperforming bitcoin on Thursday. Ether
gained 3.1% to $134.95, Litecoin
was up 4.2% to $45.85, Bitcoin Cash
rose 1.4% to $130.20 and XRP
was up 2.4% to 31 cents.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.