Bitcoin prices were relatively unchanged in midday trade on Tuesday, hovering below $4,000, a level that‘s become a crucial battle line, according to some pundits.
In Tuesday action, bitcoin, BTCUSD, +0.37% the best-known cryptocurrency, was changing hands at $3,974.10, up less than 0.1% since Monday at 5 p.m. Eastern time on the Kraken exchange.
What are analysts saying
“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 Dec. 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.”
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Altcoins and futures
Altcoins — the group of 2,000 or so cryptocurrencies other than bitcoin — were mostly unchanged on Tuesday. Ether ETHUSD, +0.63% was unchanged at $137.11, Litecoin LTCUSD, +0.03% was off 0.6% to $58.86, Bitcoin Cash BCHUSD, +0.13%fell 0.6% to $158.00 and XRP XRPUSD, -0.63% was up 0.3% at 31 cents.
Bitcoin futures kicked off Tuesday on a quiet note. The Cboe Global Markets April contract XBTJ9, +0.78% rose 0.2% to $3,965, while the CME Group March contract BTCH9, +0.13% fell 0.1% to $3,970.