The likelihood of a bitcoin bounce is diminishing, says analyst

The likelihood of a bitcoin bounce is diminishing, says analyst

Altcoins slip further, drags crypto market value to $108 billion

Bitcoin prices are moving lower on Thursday, inching closer to a fresh 15-month low.

A single bitcoin BTCUSD, -1.61% was last changing hands at $3,398.79, down 2.2% since Wednesday at 5 p.m. Eastern Time on the Kraken exchange and less than 5% from the Dec. 7 low near $3,250.

What are analysts saying

After plunging through $6,000 on Nov. 14, bitcoin has struggled for any meaningful bounce, falling four of the past five trading weeks, and according to one analyst, the longer it treads water the more susceptible it becomes to another move lower.

“Bitcoin continues to muddle along in the mid-$3k range. The longer we maintain these levels, the less likely it becomes that prices are oversold and poised for a pop,” wrote Jani Ziedins of CrackedMarket. “The public has largely written cryptocurrencies off as a fad and no new money is coming in. The lack of demand will continue to be a big liability.”

Altcoins and futures trading

Smaller cryptocurrencies—collectively known as altcoins—are moving lower with bitcoin. Ether, ETHUSD, -0.36% is down 1.7% at $88.42, Litecoin LTCUSD, -2.04%has lost 3.7% to $23.55, XRP, XRPUSD, -1.56% is down 1.7% at 30 cents, and Bitcoin Cash, BCHUSD, -3.29% is trading lower by 4.3% at $93.20.

According to data from CoinMarketCap, the market value of all cryptocurrencies is $108.5 billion.

Bitcoin futures are tracking spot prices lower on Thursday. The Cboe Global Markets December contract XBTZ8, -1.90% is down 1.3% at $3,385, and the CME Group December contract BTCZ8, -1.90%  is down 1.3% at $3,375.

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