A break in the narrow range of trading could see the bitcoin fall to $ 3000, says the analyst


Bitcoin remained below $ 7,000 on Friday, on track to record his third consecutive winning week.

In the early afternoon in New York, a bitcoin was exchanged

BTCUSD, + 2.08%

changed hands last to $ 6.965.03, up 0.8% from Thursday at 17.00. Eastern Time on the Kraken Kryp exchange.

Despite intraday volatility, digital currency no. 1 did not fall between $ 5,500 and $ 8,500 in over three months, a trend that an asset management firm attacks on short-term traders' dominance.

"Within our team, we tend to believe that the market is currently in an ultra-reflective state, moving within a range in response to any apparent newness," wrote Thejas Nalval, portfolio director and Kevin Lu, director of quantitative research at Element Digital Asset Management.

"Probably this is a result of the fact that trading was dominated by short-term players using leveraged structured derivative vehicles to express intraday speculation," said Nalval.

Technical training could send bitcoins to $ 3,000

It is this close range of trading that has an analyst who thinks the market is on the edge of a triangular breakout, which will not appeal to currency holders digital.

"The bitcoin's inability to grow over $ 7,000 seems to be a serious precaution," wrote Alexander Kuptsikevich, an analyst at FX Pro, adding that support near $ 6,000 is creating a potential bearish technical signal.

"Technical analysis teaches us that the movement within this triangle often ends with the collapse of support and a strong declining impulse," he said. "In this case, bitcoin has a serious chance of reaching the $ 3,000 level" to complete the triangle.

Read: Opinion: If you want financial secrecy, bitcoin and other cryptocurrencies can not deliver it

Altcoin mixed in Friday trading

It was a mixed trading day for different smaller coins from the bitcoins, colloquially known as altcoins. Ether

ETHUSD, -0.77%

is down 2% to $ 279.10, Bitcoin Cash

BCHUSD, + 1.56%

is unchanged at $ 537.10, Litecoin

LTCUSD, + 3.54%

increased by 0.9% to $ 60.50 and the XRP currency

XRPUSD, + 1.54%

that runs on the Ripple network is trading at 33 cents, down 0.3%.

Bitcoin futures outperformed the spot markets on Friday. The September contract of Cboe Global Markets Inc.

XBTU8, + 3.58%

earned 1.8% to $ 6.965, while the contract of CME Group Inc. in August

BTCQ8, + 1.61%

gained 1.6% to $ 6.925.

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