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Bitcoin prices open on Thursday where it closes on Wednesday, Bitcoin traded to their lowest level in a week and were on the brink of falling below a psychologically significant level below $3,500.

Bitcoin, BTCUSD now trading at $3,778.30, 

What are analysts saying

Despite the persistent selling pressure, one market watcher said at these levels there is more upside than downside for those looking to find a buying point. In the other words, it over-sold.

"Bitcoin continues flirting with the $4,000 level as it struggles to find its footing following the latest selloff," wrote Jani Ziedens of the CrackedMarket blog. "But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies."

Bitcoin Cash sheds 10%, makes new all-time low

Most altcoins, are all lower this Thursday. Ether, ETHUSD  the currency that runs on the ethereum network, was trading down 6.4% at $102.01, Litecoin LTCUSD, is below $30, trading at $29.01, on the day, XRP, XRPUSD, -0.24% is lower by 4% at 33 cents and Bitcoin Cash BCHUSD, was the worst-performing altcoin, down 11.7% at $185.46 on Wednesday continues to record losses in the aftermath of the hard fork it went through last month, and as part of the market-wide trend, but bargain buying see Bitcoin Cash BCHUSD closed higher and continue through Thursday, now trading +$10.10 at $236.88.

With crypto prices in decline across the board, the total value of all digital currencies is at $121.8 billion, down $9 billion from the start of the week, according to data from CoinMarketCap.

In bitcoin futures trading the Cboe Global Markets December contract XBTZ8, -3.32% closed trading at $3,795 down 1.1%, while the CME Group December contract BTCZ8, +0.13%  ended Wednesday down 3.6% at $3,705.