Bitcoin prices are trading marginally higher Wednesday, looking to buck the recent trend.
After opening the week with two consecutive losing sessions, the price of the world’s largest digital currency, bitcoin
was trading higher at $6,499.65, up 1.7% 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 psychological level will soon give way, noting the evidence is not 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.
“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.”
Bitcoin is down 53% year-to-date and 67% from its all-time high.
Read: On The Clock: What is the coolest cryptocurrency?
XRP volatility returns, surges 20%
The coin that runs on the Ripple protocol, XRP
has continued its topsy-turvy ride, rising by more than 20% Wednesday. After losing more than 10% Tuesday, XRP has regained that and more, trading to 56 cents, up 22.9%.
Outside of XRP it’s a relatively quiet start for altcoins, or coins other than bitcoin. Ether
which has slipped one place to third on the list of largest digital currencies was up 0.7% at $215.42, Bitcoin Cash
had gained 2.7% at $446.90 and Litecoin
was trading at $57.41, down 0.5%.
In futures trading, the Cboe Global Markets Group Inc.’s October contract
was trading up 2% at $6,495 and the CME Group Inc. September contract
had gained 2.3% to $6,500.
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.