Bitcoin ends five straight sessions of losses as investors pause selling

If bitcoin ultimately fails to break above this point, she explained, then "the long-term uptrend could be reversed.

Bill Barhydt, CEO of cryptocurrency trading platform Abra, believes that bitcoin and ethereum could lead the entire cryptocurrency market out of the doldrums, with all signs pointing to bitcoin being at or near a bottom.

According to Coinlass, about $465 million in cryptocurrency assets were liquidated in the past 24 hours, with bitcoin accounting for $167 million of that total.