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It has been more than 24 hours since bitcoin scared investors with a sudden 10 percent drop. But there hasn’t been a concrete recovery action — yet.
The bitcoin-to-dollar exchange rate has surged 2.21 percent from its previous low at 5291-fiat, now trading at 5408-fiat. The coin’s market cap has risen likewise but remains below the three-figure billion dollar valuation. The weekly chart on Coinbase indicates BTC/USD is testing the support area of a giant falling wedge formation. Technically, a falling wedge formation predicts a potential breakout action. But in the case…