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Bitcoin below $6,000? It is only a matter of time, warns one analyst - MarketWatch (
Bitcoin prices are trading higher midafternoon Wednesday, with the digital currency attempting to buck a recent downbeat trend.

After opening the week with two consecutive losses, the price of the world’s largest digital currency, bitcoin BTCUSD, +0.08% was trading at $6,487.27, up 1.5% since Tuesday at 5 p.m.

Eastern Time of the Kraken exchange.
As digital currency owners tout the resilience of bitcoin’s support at $6,000, one analyst believes the tenuous psychological level could soon disintegrate, noting the evidence isn’t in the support, but the weakness of every subsequent rally.

“While we held $6k support firmly for nearly six months, every bounce has been getting lower,” wrote Jani Ziedins of CrackedMarket in a Wednesday post. Market technicians tend to view assets as remaining in bearish, or neutral, trend if prices fail to post higher highs.

“First, we bounced to $17k. Then it was $12k. $10k came next. After that $8.5k. Earlier this month it was $7.5k and this weekend we stalled $6.8k. At this point, it is only a matter of time before we tumble under $6k support,” he said.

Bitcoin is down 53% year-to-date and 67% from its all-time high achieved last December.

Read: On The Clock: What is the coolest cryptocurrency?

The coin that runs on the Ripple protocol, XRP XRPUSD, +0.53% has added to its recent bout of tumultuous trade, rising about 16.8% Wednesday to 53 cents, following a Tuesday decline of more than 10%.

After a subdued start to the Wednesday’s action, other altcoins, or coins other than bitcoin, have joined the party. Ether ETHUSD, -0.29% which has slipped one place to third on the list of largest digital currencies was up 2.6% at $216.46 and Litecoin LTCUSD, -0.22%  was trading at $58.46, up 1.3%.

Bitcoin Cash BCHUSD, +1.12%  has been the big benefactor, rising 17.9% to $512.80.
Bitcoin futures finished the session in the green. The Cboe Global Markets Group Inc.’s October contract XBTV8, +0.08% closed up 1.7% at $6,470 and the CME Group Inc.

 September contract BTCU8, +0.00% ended Wednesday at $6,485, up 2%.

Read: Going bearish on humans may be the ‘trade of our generation,’ says Morgan Creek Digital founder

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