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The bitcoin massacre took a pause Tuesday, with the best-known digital currency trading marginally higher.
In early trading, a single bitcoin
BTCUSD, + 0.88%
was last changing hands at $ 3,685.64, up 0.2% since Monday's level at 5 p.m. Eastern Time on the Kraken crypto exchange.
Read: Bitcoin is not done in 4 years
After to say stretch for bitcoins, one chart observer said signs "After dropping in excess of 40% in the last two weeks, bitcoin is trying to build around the $ 3,500 – $ 3,700 level in the last three days," wrote Nick Cawley, markets analyst at Daily FX.
"While the long-term chart setup remains negative, with a test of $ 2,970 likely-in the short-term the charts are showing the cryptocurrency heavily in oversold territory, which may produce a relief bounced higher," he added, citing the relative strength index (RSI).
The RSI is a technical indicator that measures the magnitude of the recent price movements to assess an asset is oversold or overbought.
Read: Bitcoin is imploding – here 's where bitcoin bulls and bears see it headed from here
Altcoins, the group of coins other than the bitcoins, are marginally lower to begin. Ether
ETHUSD, -0.53%
was down 1.6% at $ 102.55, Litecoin
LTCUSD, 1:52 +%
was off 0.2% at $ 28.91, XRP
XRPUSD, -0.08%
the coin that runs on the Ripple protocol, was down 0.3% at 34 cents and Bitcoin Cash
BCHUSD, 00:12 +%
was trading down 0.4% at $ 168.70.
After tumbling more than 10% on Monday, the futures markets are steady. The Cboe Global Markets December contract
XBTZ8, + 0.75%
is down 0.6% at $ 3.655 and the CME Group November contract
BTCX8, 2:36 +%
was up 1.8% at $ 3,675.
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