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Bitcoin drifts lower after notching its fourth consecutive winning week

MarketWatch logo MarketWatch 3/18/2019 Aaron Hankin

a close up of a sign© Bloomberg News Bitcoin prices were marginally lower on Monday, moving back below the psychologically notable $4,000 mark. 

In Monday afternoon trade, a single bitcoin fetched $3,963.70, down 0.3% since Sunday’s level at 5 p.m. Eastern time on the Kraken exchange. 

The cryptocurrency is coming off its fourth consecutive winning week, the longest streak since April 2018.

Read:IBM ramps up cryto-related cross-border payments offering 

“The current absence of a dynamic is a bit scary, as it resembles the October decline, which ended in an impressive selloff,” wrote Alex Kuptsikevich, financial analyst at FxPro, drawing parallels with last year’s trading period leading into the plunge below $6,000.

Kuptsikevich added that the $3,900-$4,000 range has become an inflection point for the best-known cryptocurrency.

Read:Cboe pulls the plug on bitcoin futures trading — for now 

After adding as much as 10% last week, major altcoins, cryptocurrencies other than bitcoin, were mostly lower on Monday. Ether fell 1.4% to $137.02, Litecoin lost 2.8% to $58.76, Bitcoin Cash added 3.2% to $160.60 and XRP was down 1% at 31 cents.

Bitcoin futures kicked off the week on a positive note closing higher on Monday. The Cboe Global Markets April contract rose 1.5% to $3,960, while the CME Group March contract gained 1.8% to finish the session at $3,975.


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