Market Wrap: Cryptocurrencies Slide as Buyers Stick to the Sidelines

Market Wrap: Cryptocurrencies Slide as Buyers Stick to the Sidelines
Cryptocurrencies continued to slide as buyers appear to be taking some profits. Some analysts are now cautious on bitcoin’s short-term price direction given the recent loss of upside momentum.Bitcoin declined toward a three-week low on Thursday around $56,000 before stabilizing near $58,000. BTC is down about 11% over the past week, compared with a 14% drop in ether over the same period.“Downward momentum is hardly a good sign; pay attention to the cautious approach of bulls, which are not in a hurry to buy and waiting for more precise [entry] signals,” Alex Kuptsikevich, an analyst at FxPro, wrote in an…