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, -0.82% 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.
Read: Here’s what cooled the bitcoin trading frenzy
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, -2.14% was down 2.8% at $218.71, Bitcoin Cash BCHUSD, -3.74% has lost 3.9% at $513.60, Litecoin LTCUSD, -4.37% was off 3.9% at $57.37 XRP, the coin that runs on the Ripple protocol XRPUSD, -3.38% 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.
Read: This company will enable you to earn interest on your cryptocurrency
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