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, -0.46%

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.

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XRP volatility returns, climbs as much as 20%

The coin that runs on the Ripple protocol, XRP

XRPUSD, -2.64%

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%.

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After a subdued start to the Wednesday’s action, other altcoins, or coins other than bitcoin, have joined the party. Ether

ETHUSD, -1.59%

which has slipped one place to third on the list of largest digital currencies was up 2.6% at $216.46 and Litecoin

LTCUSD, -2.05%

 was trading at $58.46, up 1.3%.

Bitcoin Cash

BCHUSD, -3.14%

 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, -0.46%

closed up 1.7% at $6,470 and the CME Group Inc. September contract

BTCU8, -0.54%

ended Wednesday at $6,485, up 2%.

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