Bitcoin drifts lower after notching its fourth consecutive winning week

Bitcoin drifts lower after notching its fourth consecutive winning week

Bitcoin prices were marginally lower on Monday, moving back below the psychologically notable $4,000 mark.

In Monday afternoon trade, a single bitcoin BTCUSD, -0.03% fetched $3,963.70, down 0.3% since Sunday’s level at 5 p.m. Eastern time on the Kraken exchange.

The cryptocurrency is coming off its fourth consecutive winning week, the longest streak since April 2018.

What are analysts saying

“The current absence of a dynamic is a bit scary, as it resembles the October decline, which ended in an impressive selloff,” wrote Alex Kuptsikevich, financial analyst at FxPro, drawing parallels with last year’s trading period leading into the plunge below $6,000.

Kuptsikevich added that the $3,900-$4,000 range has become an inflection point for the best-known cryptocurrency.

Altcoins and futures

After adding as much as 10% last week, major altcoins, cryptocurrencies other than bitcoin, were mostly lower on Monday. Ether ETHUSD, +0.09%  fell 1.4% to $137.02, Litecoin LTCUSD, -0.24% lost 2.8% to $58.76, Bitcoin Cash BCHUSD, -1.01% added 3.2% to $160.60 and XRP XRPUSD, +0.32% was down 1% at 31 cents.

Bitcoin futures kicked off the week on a positive note closing higher on Monday. The Cboe Global Markets April contract XBTJ9, -0.13%  rose 1.5% to $3,960, while the CME Group March contract BTCH9, +0.25%  gained 1.8% to finish the session at $3,975.

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