Investing.com – Bitcoin attempted to halt its recent slump on Thursday, trading slightly above breakeven amid a dip in sentiment, after analysts warned that the digital currency could continue to extend losses.
On the U.S.-based GDAX exchange, Bitcoin rose to $2,538.2, up $60 or 2.42%.
In what was a quiet day for Bitcoin-related news, bitcoin eased from highs as traders continued to mull over recent comments from a top Goldman Sachs analyst, warning that the digital currency faces a period of consolidation before attempting to break above its all-time high of $3,000.
"Anything above $3,000 will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high.)," Jafari wrote.
Investors were also monitoring the progress of a software upgrade aimed at speeding up transactions on the bitcoin network, after reports surfaced last week confirming that BIP 91 (SegWit2X) was ‘locked in.
Miners who supported BIP 91, are required to continue to signal support for the next iteration of the software upgrade, BIP 141 (SegWit), which is expected to activate in late August.
Meanwhile, Ethereum, fell to $199.37, down 0.10% after snapping a four-week losing streak last week.
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