Bitcoin prices on track for three-day skid

Bitcoin prices fell Wednesday, extending the slide that has seen the cryptocurrency fall 5% since making a three-week high above $3,700 last week.

In early trading, one Bitcoin,

BTCUSD, -0.24%

the world’s largest digital currency, was changing hands at $3,571.30, down 0.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency is on the brink of a third consecutive losing session.

Read: U.S. stocks poised to rise as trade-deal progress fosters optimism

What are analysts saying

“Bitcoin continues to trade in a range with little fundamental news to drive prices action,” wrote Nick Cawley, analyst at Daily FX.

“The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long way below the 200-day MA. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790.” Market technicians use moving averages to help gauge bullish and bearish trends in an asset.

Daily FX

Bitcoin chart

Read: We are too quick ‘in running away from anything labeled crypto,’ SEC commissioner

Altcoins and futures

Altcoins, or coins other than Bitcoin, were trading mixed on Wednesday. Ether

ETHUSD, +0.79%

rose 1.3% to $121.18, Bitcoin Cash

BCHUSD, -0.33%

was unchanged at $120.60, XRP

XRPUSD, +0.07%

lost 0.3% to 30 cents and Litecoin,

LTCUSD, -4.51%

fell 2.2% to $41.88.

Bitcoin futures were tracking spot prices lower on Wednesday. The Cboe Global Markets February contract

XBTG9, -1.25%

fell 1% to $3,570, while the CME Group February contract

Article Source…