Bitcoin below $6,000? It is only a matter of time, warns one analyst - MarketWatch
(marketwatch.com)
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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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
Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.