Major cryptocurrency prices were trading firmly lower Wednesday, breaking a recent bout of mostly sideways trading.
Bitcoin, the world’s largest virtual currency, broke out of its $6,500 to $6,600 range and a single bitcoin BTCUSD, -0.76% was last going for $6,465.75, down 1% since Tuesday at 5 p.m. Eastern Time on the Kraken exchange.
The inability to test September’s high above $7,000 has one analyst warning that there’s only one way from here. “Bitcoin is still struggling to break $6.8k resistance. If buyers wanted to buy this dip, they would have jumped in already. The chronic lack of demand at these levels is a concern, and the path of least resistance remains lower,” wrote Jani Ziedins of Cracked.Market.
Slow and steady September good news says asset manager
Despite the continued decline in prices of major digital currencies, the overall landscape remained as-is in the month of September, which isn’t a bad sign according to San Francisco-based Bitwise Asset Management.
“From our point of view, there was nothing landmark that happened during the month; instead, the slow drumbeat of progress continued, which is great,” wrote CEO Hunter Horsley and Matt Hougan, the company’s global head of research.
Bitwise is one of a handful of companies that have an application for a bitcoin-related exchange-traded fund with the Securities and Exchange Commission.
Altcoins slump in early Wednesday trading
Altcoins, the group of coins other than bitcoin, are trading lower to begin Wednesday. Ether, ETHUSD, -2.07% was down 2.8% at $218.71, Bitcoin CashBCHUSD, -3.39% has lost 3.9% at $513.60, Litecoin LTCUSD, -3.13% was off 3.9% at $57.37 XRP, the coin that runs on the Ripple protocol XRPUSD, -3.24% was trading at 53 cents, down 3.1%.
Bicoin futures have started Wednesday on the back foot. The Cboe Global Markets October contract XBTV8, -0.92% was trading down 1.4% at $6,440 and the CME Group October contract US:BTCU8 was off 1.2% at $6,435.