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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.
Cryptocurrency market update: $5 billion wiped off as Bitcoin bears take a breather
John IsigeJohn IsigeFXStreet

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

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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