Bitcoin trades higher after early session selloff

Bitcoin trades higher after early session selloff

Bitcoin prices edge higher Tuesday, recovering from an early session selloff that saw the digital currency briefly fall to $3,800.

In midafternoon trade, one bitcoin, BTCUSD, +0.02%  the world’s largest digital currency, fetched $3,864.10, up 0.3% since Monday’s level at 5 p.m. Eastern time on the Kraken exchange. The cryptocurrency is 1.8% off its session low of $3,800.50.

What are analysts saying

“The price level at $4K remains a serious resistance for BTC, and the market clearly lacks a positive [catalyst] to overcome this threshold. As often happens in finance, what does not up, goes down,” wrote Alex Kuptsikevich, financial analyst at FxPro.

“From the technical analysis side, bitcoin caught between resistance at $4,000 and 50-day moving average support, which almost a month ago turned from resistance into support. At the moment, this level passes through $3,657, leaving the potential for decline [if breached].”

In the news

Cryptocurrency mining equipment giant Canaan Creative has completed a rounding of funding “worth hundreds of millions of dollars,” the Securities Times are reporting.

According to the Securities Times, the China-based mining maker is now valued in the “billions of dollars” range.

Altcoins and futures

Altcoins — the group of 2,000 or so cryptocurrencies other than bitcoin — are mostly higher on Tuesday. Ether, ETHUSD, -0.44%  was unchanged at $131.90, Litecoin LTCUSD, +0.36% rose 3.2% to $55.96, Bitcoin Cash BCHUSD, +0.16%added 0.5% to $127.90 and XRP XRPUSD, -0.38% fell 0.1% to 31 cents.

Bitcoin futures eked out modest gains on Tuesday. The Cboe Global Markets March contract XBTJ9, +0.39%  rose 0.4% to $3,860, while the CME Group March contract BTCH9, +0.39%  added 0.3% to 3,845.

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