Investing.com – Bitcoin resumed its selloff on Wednesday as traders remained wary of piling into the popular crypto as it looked set to test a zone of “support,” around the $7,000 price level.
Bitcoin fell 2.39% to $7,291.2 on the Bitfinex exchange from a high of $7,560.
The move lower in bitcoin emerged amid a lack of positive catalysts to encourage traders to resume their bullish bets on the cryptocurrencies as recent regulatory pressures have soured sentiment.
Bitcoin struggled to hold gains following its rebound Tuesday and looked set to test demand at lower price levels around the $7,000, which some have said would act as a zone of support – price levels that trigger buying pressure.
Demand for cryptocurrencies remained timid as the total crypto market cap continued to edge lower, falling nearly $10 billion in little over 24 hours.
The total market cap of cryptocurrencies fell to about $319 billion, at the time of writing, down from $327 billion Tuesday.
Ripple XRP fell 3.69% to $0.58611 on the Poloniex exchange, while Ethereum fell 3.47% to $548.61.
Bitcoin Cash fell 4.09% to $957.11, while Litecoin fell 3.10% to $116.62.