Published: May 22, 2018 11:01 a.m. ET Digital currencies continue to move lower, with all major coins trading in the red early Tuesday. Bitcoin, the worlds largest digital currency, continues to struggle for gains above $8,500, as worries over increased regulation kept a the No.

1 digital currency in check. “The recent selloff has come from the news out of China that the ICO [initial coin offering] market is still very active and there are fears that China will further increase the strict regulation,” said Naeem Aslam, chief market analyst at Think Markets.

A single bitcoin

BTCUSD, -2.15%

 last changed hands at $8,225.74, down 2.2%, since Monday’s levels at 5 p.m. Eastern Time on the Kraken exchange. Read: Opinion: Bitcoin isn’t the first revolutionary currency While gains above $8,500 are hard to come by, the support around the $8,000 is holding, and as the range tightens, the probability of a breakout is growing.

“The technicals are pointing to a breakout to the downside,” said Aslam. “However, my gut feeling is, and remains that the breakout will be to the topside.” Bitcoin has spent nearly six weeks trading inside the $7,800 — $10,000 range.

Read: A recent shift in Uranus means big things for cryptocurrencies Altcoins, or digital coins other than bitcoin, are all in the red to begin Tuesday. Ether

ETHUSD, -2.66%

which runs on the Ethereum network, is down 1.5% to $686.87, Bitcoin Cash

BCHUSD, -5.35%

has lost 5.7% to $1,167.70, Litecoin

LTCUSD, -1.86%

 is off 1.9% at $132.67 and Ripple’s XRP coin

XRPUSD, -1.45%

is down 1.5%, last trading at 67 cents. Read more from…

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