Cryptos: Bitcoin’s struggle below $4,000 puts ‘devastating dent in the bull case,’ says analyst

Bitcoin rose modestly Thursday, looking to book a three-day win streak for the first time since mid-February.

In early morning action, a single bitcoin BTCUSD, +0.48%  fetched $3,862.10, up 0.4% versus its level at 5 p.m. Eastern Wednesday on the Kraken crypto exchange.

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What are analysts saying

Despite a mini-recovery this week, markets analyst Jani Ziedins of the Cracked Market blog noted as bitcoin continues to struggle below $4,000, the case for a bull run is fading.

“Bitcoin continues to hover underneath $4k resistance. It wasn’t all that long ago we were talking about $9k support, then $8k and $7k. $6k and $5k followed not long after. Now $4k turned from a floor into a ceiling,” he wrote.

“Adoption of cryptocurrency for handling financial transactions is slowing, not accelerating, which puts a devastating dent in the bull case. If BTC turns out to be nothing more than a fad, then the $4k price tag is still incredibly expensive and there is still lots of room to fall,” Ziedins said.

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Altcoins and futures

Smaller digital currencies, or altcoins, are mixed in early Thursday trade. Ether, ETHUSD, +0.18%  the coin of the ethereum network, was up 0.3% to $136.74, Litecoin LTCUSD, +2.95% added 2.7% to $56.40, Bitcoin Cash BCHUSD, -0.15% was unchanged at $130.40 and XRP XRPUSD, -0.96% was down 1% at 31 cents.

Bitcoin futures have moved higher on Thursday. The Cboe Global Markets March contract XBTJ9, +0.52%  was up 0.5% at $3,855, while the CME Group March contract BTCH9, +0.52%  added 0.7% to $3,865.

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