Bitcoin falters, as gains now look like a ‘minor bounce’

Digital currency prices have opened the week on the back foot, with all major coins trading in the red Monday in New York.

Optimism in the crypto community grew last week after all cryptocurrencies staged a turnaround, with some rising as much as 25% off Tuesday’s lows. However, bitcoin,

BTCUSD, -1.03%

the world’s biggest coin, still has a long way to go before the move is considered anything but a temporary bounce.

“BTC is bouncing from critical support at its 2018 trading range lows between 5775-6000 and is beginning to reverse its August downtrend. A move above first resistance between 6545-6842, near the declining 15-dma, is needed to suggest recent strength is anything more than a minor bounce,” wrote Rob Sluymer, technical strategy at Fundstrat Global Advisors.

However, after trading to $6,595.65 on Saturday, bitcoin has retreated, suggesting that at this stage, the move off the low is just that — a minor bounce.

A single bitcoin last changed hands at $6,452.44, down 1% since Sunday at 5 p.m. on the Kraken exchange.

Read: Bets against bitcoin have doubled since the beginning of August, exchange says

Altcoins slump in early New York trading

After slumping as much as 20% early last week, altcoins, or coins alternative to bitcoin, rallied to close the week in positive territory. However, these coins have since given back some of last week’s gains.


ETHUSD, -5.31%

which at one point was up 25% off its low last week, is trading back under $300 at $289.16, down 4.3% from Sunday. Bitcoin Cash

BCHUSD, -4.57%

is down 3.9% at $551.50, Litecoin

LTCUSD, -4.15%

is off 3.9% to $56.03 and Ripple’s XRP

XRPUSD, -4.28%

is trading at 34 cents, sown 3.5%.

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Bitcoin futures are trading slightly lower in early New York trading. The Cboe Global Markets Inc.’s September contract

XBTU8, -0.58%

 is down 0.7% at $6,425 while the CME Group Inc August contract

BTCQ8, -0.69%

is down 0.5% at $6,445.

Read: ICO swindlers have absconded with some $100 million in investor dough, research firm says

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