Cryptos: 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, -0.05% 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.

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, +1.72% rose 1.3% to $121.18, Bitcoin Cash BCHUSD, +0.58% was unchanged at $120.60, XRP XRPUSD, +0.41% lost 0.3% to 30 cents and Litecoin, LTCUSD, -1.54% fell 2.2% to $41.88.

Bitcoin futures were tracking spot prices lower on Wednesday. The Cboe Global Markets February contract XBTG9, -0.76% fell 1% to $3,570, while the CME Group February contract BTCG9, -0.69% was trading at $3,575, down 0.8%.

Read: Overstock founder Patrick Byrne pitches radical transformation of government services via blockchain

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