After a weekend in which Bitcoin (BTC) experienced realized losses to the tune of\u00a0$7.3 billion, the largest cryptocurrency has erased all weekend losses and is up over 8 percent to $21,206 in the last 24 hours.<\/p>\n
Bitcoin has risen almost 22 percent since Saturday\u2019s low of $17,592, and is currently trading around $21,000.<\/p>\n
The BTC\u00a0price increased more than 4 percent to $20,882, Coin Metrics data showed Tuesday. Over the weekend, Bitcoin reached a low of $17,959. It had not been lower since December 2020.<\/p>\n
On Wednesday, Bitcoin climbed after a slew of negative sentiments had lifted the cryptocurrency to a new 2022 low over the weekend.<\/p>\n
Suggested Reading | Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum<\/p>\n
Bitcoin Market Selling Pressure<\/p>\n
Heavy liquidations in the cryptocurrency market dropped Bitcoin\u2019s price below its all-time high in 2017, placing a heavy load\u00a0on the whole cryptocurrency industry.<\/p>\n
The broader cryptocurrency market did not anticipate such a sharp decline, especially below the \u201cunbreakable\u201d $19,000 support, but the cryptocurrency has, as is occasionally the case, breached the $20,000 barrier.<\/p>\n\n
Image: Crypto Academy<\/p>\n
The price\u00a0actions are a response to the negative press surrounding the bitcoin sector, which began with pressure from macroeconomic forces.<\/p>\n
As this developed, the United States Federal Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point, the largest increase since 1994.<\/p>\n
Too Early For A Major Turnaround<\/p>\n
\u201cThis recovery takes out some of the extreme oversold aspect of the cryptocurrency,\u201d Alex Kuptsikevich, a senior market strategist at FxPro, pointed out.<\/p>\n
\u201cHowever, it is too soon to speak of a long-term turnaround: all unfavorable fundamentals remain in place,\u201d he continued.<\/p>\n\n
Crypto total market cap at $881 billion on the daily chart | Source: TradingView.com<\/p>\n
The surprising rebound was also largely caused by a lack of selling activity on centralized exchanges, since the vast majority of institutional and individual investors gave up during the weekend trading session, when the Bitcoin network suffered\u00a0$7 billion in\u00a0losses.<\/p>\n
Similarly to stock investors, crypto investors are treading carefully in the face of\u00a0bear\u00a0market rallies, with some expecting\u00a0the asset class would decline further before experiencing a substantial recovery.<\/p>\n
Suggested Reading |\u00a0Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts<\/p>\n
Craig Erlam, a senior market analyst at Oanda, cautions against growing too comfortable with market gains, despite minor recovery in traditional markets following the Juneteenth holiday market closures on Monday.<\/p>\n
Erlam stated in a newsletter, \u201cEveryone is looking for the bottom, but there\u2019s a tremendous cloud of uncertainty over the forecast and the data has not yet shown any good indicators.\u201d<\/p>\n
Featured image from Panorama Summit, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
After a weekend in which Bitcoin (BTC) experienced realized losses to the tune of\u00a0$7.3 billion, the largest cryptocurrency has erased all weekend losses and is up over 8 percent to $21,206 in the last 24 hours.<\/p>\n
Bitcoin has risen almost 22 percent since Saturday\u2019s low of $17,592, and is currently trading around $21,000.<\/p>\n
The BTC\u00a0price increased more than 4 percent to $20,882, Coin Metrics data showed Tuesday. Over the weekend, Bitcoin reached a low of $17,959. It had not been lower since December 2020.<\/p>\n
On Wednesday, Bitcoin climbed after a slew of negative sentiments had lifted the cryptocurrency to a new 2022 low over the weekend.<\/p>\n
Suggested Reading | Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum<\/p>\n
Bitcoin Market Selling Pressure<\/p>\n
Heavy liquidations in the cryptocurrency market dropped Bitcoin\u2019s price below its all-time high in 2017, placing a heavy load\u00a0on the whole cryptocurrency industry.<\/p>\n
The broader cryptocurrency market did not anticipate such a sharp decline, especially below the \u201cunbreakable\u201d $19,000 support, but the cryptocurrency has, as is occasionally the case, breached the $20,000 barrier.<\/p>\n
Image: Crypto Academy<\/p>\n
The price\u00a0actions are a response to the negative press surrounding the bitcoin sector, which began with pressure from macroeconomic forces.<\/p>\n
As this developed, the United States Federal Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point, the largest increase since 1994.<\/p>\n
Too Early For A Major Turnaround<\/p>\n
\u201cThis recovery takes out some of the extreme oversold aspect of the cryptocurrency,\u201d Alex Kuptsikevich, a senior market strategist at FxPro, pointed out.<\/p>\n
\u201cHowever, it is too soon to speak of a long-term turnaround: all unfavorable fundamentals remain in place,\u201d he continued.<\/p>\n
Crypto total market cap at $881 billion on the daily chart | Source: TradingView.com<\/p>\n
The surprising rebound was also largely caused by a lack of selling activity on centralized exchanges, since the vast majority of institutional and individual investors gave up during the weekend trading session, when the Bitcoin network suffered\u00a0$7 billion in\u00a0losses.<\/p>\n
Similarly to stock investors, crypto investors are treading carefully in the face of\u00a0bear\u00a0market rallies, with some expecting\u00a0the asset class would decline further before experiencing a substantial recovery.<\/p>\n
Suggested Reading |\u00a0Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts<\/p>\n
Craig Erlam, a senior market analyst at Oanda, cautions against growing too comfortable with market gains, despite minor recovery in traditional markets following the Juneteenth holiday market closures on Monday.<\/p>\n
Erlam stated in a newsletter, \u201cEveryone is looking for the bottom, but there\u2019s a tremendous cloud of uncertainty over the forecast and the data has not yet shown any good indicators.\u201d<\/p>\n
Featured image from Panorama Summit, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1808","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1808"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1808\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1808"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}