Cryptocurrency market update: $5 billion wiped off as Bitcoin bears take a breather


  • Sellers take a step back after causing havoc in the cryptocurrency market for two days.
  • Bitcoin potential for recovery remains high as a falling wedge pattern inches closer to a breakout.

The cryptocurrency market is neither bearish or bullish during the European trading hours on Wednesday. The low trading activity is a break from two days of a continued selloff, especially for the major cryptocurrencies. Meanwhile, the market has lost $5 billion in the last 24 hours from $227 billion to $222 billion.

Bitcoin market update

Bitcoin has been lethargic in its trading on Wednesday. From the opening price of $8,122, the price tested the hurdle at $8,150. However, the prevailing selling pressure has seen BTC adjust 0.7% lower on the day to trade at $8,066.

Looking at the 4-hour chart, Bitcoin has sustained a downtrend in a falling wedge pattern. As long as the pattern support remains intact, Bitcoin has the potential to correct higher in the coming sessions. However, as far as the MACD is concerned, bearish dominance could last longer. To completely avert declines below $8,000, Bitcoin must rise above $8,250 in the near-term.

BTC/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin’s majestic rally to $400,000

Bitcoin has been in a lull for more than two weeks apart from the brief rally that catapulted it to levels above $9,400 on Thursday. On the downside, the largest cryptocurrency has established support at $9,200. 

More Bitcoin News

Ripple Price Prediction: XRP/USD ultimate rally to $0.30 impends

Ripple performed incredibly well this week, shifting attention back to the major cryptocurrencies. Bitcoin tried to follow the rally but was held back by the resistance at $9,450. Ethereum recovered significantly ...

More Ripple News

ETH/USD bullish scenario, why $250 and $280 are within reach?

Ethereum recovery towards $250 was recently cut short at $245. The price started to narrow down towards $240 again. At the time of writing, ETH/USD is trading at $240.50 amid a sideways trading action.

More Ethereum News

Stellar Price Analysis: XLM/USD bears look to negate Thursday's gains

XLM dropped from $0.0906 to $0.0868 so far this Friday as the bears took control following four consecutive bullish sessions. The price has dropped below the $0.09-level and is looking to fall back ...

More Stellar Lumens News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP