Home / Bitcoin / Bitcoin slide halts as market attempts to form a short-term bottom

Bitcoin slide halts as market attempts to form a short-term bottom

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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