Bitcoin’s $4,000 mark becoming ‘life or death’ for traders, says analyst
Bitcoin prices were relatively unchanged in early trade on Tuesday, hovering below $4,000, a level that‘s growing more important by the day, according to some industry pundits.
In Tuesday action, bitcoin, BTCUSD, -0.02% the best-known cryptocurrency, was changing hands at $3,969.40, down less than 0.1% since Monday at 5 p.m. Eastern time on the Kraken exchange.
“Questions are being asked constantly when it comes to bitcoin’s battle with the $4,000 mark,” wrote Naeem Aslam, chief markets analyst at Think Markets U.K.
“Since December 14, 2018, there have been several battles between bulls and bears at the price level of $4K. In each... bulls have lost the war because after the first attack at the $4K level the bears have been able to gain enough strength to push the price back below this critical mark.”
Aslam continued, “It is in this essence, that this level has become a matter of death or life for crypto traders.”
Altcoins — the group of 2,000 or so cryptocurrencies other than bitcoin — were mostly unchanged on Tuesday. Ether ETHUSD, -0.07% was unchanged at $137.11, Litecoin LTCUSD, -0.56% was off 0.7% to $58.77, Bitcoin CashBCHUSD, -0.63% fell 1.3% to $156.90 and XRP XRPUSD, +0.02% was unchanged at 31 cents.
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