There’s a ‘chronic lack of demand’ for bitcoin, says analyst

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, -0.63%

 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, -1.93%

was down 2.8% at $218.71, Bitcoin Cash

BCHUSD, -3.29%

 has lost 3.9% at $513.60, Litecoin

LTCUSD, -2.88%

 was off 3.9% at $57.37 XRP, the coin that runs on the Ripple protocol

XRPUSD, -3.17%

 was trading at 53 cents, down 3.1%.

Bicoin futures have started Wednesday on the back foot. The Cboe Global Markets October contract

XBTV8, -0.69%

was trading down 1.4% at $6,440 and the CME Group October contract

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