After a weekend in which Bitcoin (BTC) experienced realized losses to the tune of $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.

Bitcoin has risen almost 22 percent since Saturday’s low of $17,592, and is currently trading around $21,000.

The BTC price 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.

On Wednesday, Bitcoin climbed after a slew of negative sentiments had lifted the cryptocurrency to a new 2022 low over the weekend.

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Bitcoin Market Selling Pressure

Heavy liquidations in the cryptocurrency market dropped Bitcoin’s price below its all-time high in 2017, placing a heavy load on the whole cryptocurrency industry.

The broader cryptocurrency market did not anticipate such a sharp decline, especially below the “unbreakable” $19,000 support, but the cryptocurrency has, as is occasionally the case, breached the $20,000 barrier.

Image: Crypto Academy

The price actions are a response to the negative press surrounding the bitcoin sector, which began with pressure from macroeconomic forces.

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.

Too Early For A Major Turnaround

“This recovery takes out some of the extreme oversold aspect of…

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