Major cryptocurrency prices traded firmly lower Wednesday, breaking a recent bout of mostly sideways action.

Bitcoin, the world’s largest virtual currency, broke out of its $6,500 to $6,600 range and a single bitcoin BTCUSD, -0.35% was last trading at $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.

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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, -1.65% was down 2.8% at $218.71, Bitcoin Cash BCHUSD, -0.78% has lost 3.9% at $513.60, Litecoin LTCUSD, +0.97% was off 3.9% at $57.37 XRP, the coin that runs on the Ripple protocol XRPUSD, -0.70% traded at 53 cents, down 3.1%.

Bicoin futures also fell on Wednesday. The Cboe Global Markets October contract US:XBTV8 ended the session down 1.6% to $6,427.50 and the CME Group October contract US:BTCU8 settled off 1.3% at $6,425.

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