Bitcoin prices moved higher on Wednesday, extending gains from the previous session, moving the digital currency toward $3,900 and nearing $4,000 — a level viewed by technical analysts as a point of resistance.
In Wednesday morning trade, one bitcoin
was fetching $3,846.30, up 0.3% since Tuesday at 5 p.m. Eastern time on the Kraken exchange. The cryptocurrency hit an intraday high at $3,891.00, its highest level since Feb. 28.
What are analysts saying
“Over the past 24 hours, bitcoin adds more than 3% and trades around $3,900. The $4K level is considered by experts as an important resistance, [a move higher] will open the way for further market growth,” wrote Alex Kuptsikevich, financial analyst at FxPro.
“Growing demand for cryptocurrencies as their prices fall is quite understandable and will help the industry development. Experts do not expect a new round of explosive market growth in 2019, although they note excellent conditions for investing in the long-term,” he said.
In the news
Embattled cryptocurrency exchange QuadrigaCX has been granted a further stay of approval, meaning the company cannot be sued until the next hearing, which is scheduled for April 18.
Customers of the Canadian exchange are still reeling after the exchange said nearly $190 million in funds had been lost after the owner, Gerald Cotten died and was the only person who had access to the password required to access the funds.
Altcoins and futures
The group of 2,000 or so cryptocurrencies other than bitcoin, colloquially known as altcoins, are moving higher with bitcoin. Ether
was up 1.8% to $137.43, Litecoin
added 6.5% to $55.04, Bitcoin Cash
was unchanged at $130.50 and XRP
was at 32 cents, up 1% on the day.
Bitcoin futures ended with modest gains on Wednesday. The Cboe Global Markets March contract
closed up 0.3% at $3,837.50, while the CME Group March contract
gained 0.2% to $3,835.
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