Bitcoin prices steady but a test of $3,100 is on the cards, says analyst

Cryptocurrency prices are trading mostly unchanged on Wednesday, led by the No.1 digital currency, which is oscillating on either side of $3,600.

On Wednesday, a single Bitcoin














BTCUSD, +0.48%












 was fetching $3,595.76, unchanged since Tuesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency has spent the past 24 hours inside the $3,580-$3,620 range.

Read: Important strides made by cryptocurrencies, otherwise creamed in 2018, offer hope to believers

Despite a relatively subdued period for the best-known cryptocurrency, David Thomas, director and cofounder of Global Block, a cryptocurrency brokerage firm, said another lurch to the downside is looking likely.

“An inability of BTC to remain above the 21-day moving average means that a sustained break of the $3,500 level remains high which would then put the December lows of $3,100 firmly back on the map and give the bears back control,” he wrote.

“Overall feeling within the market is one of positivity for BTC on a medium and long-term view, however, there still seems to be a widely held view that BTC is not out of the woods yet and a retest of the lows is on the cards.”

Read: Cryptos fail basic financial tests, says adviser to BOE’s Carney

Altcoins—the group of coins other than Bitcoin—are off to a subdued start to trading on Wednesday. Ether














ETHUSD, +0.62%












 was up 0.2% at $117.72, Litecoin














LTCUSD, +1.68%












gained 1.4% to $31.95, Bitcoin Cash














BCHUSD, +2.61%












added 2.3% to $129.40, and XRP














XRPUSD, +0.12%












was unchanged at 32 cents.

Bitcoin futures have ticked lower on Wednesday. The Cboe Global Markets February contract














XBTG9, -0.56%












is down 0.4% at $3,540, while the CME Group February contract














BTCG9, -1.26%












Article Source…