Investing.com - Bitcoin prices were lower on Wednesday, extending losses into a second session, while the price of Ethereum, Bitcoin's closest rival in terms of market cap was also weaker.
On the U.S.-based GDAX exchange, Bitcoin fell to $2,485.0, down $84.4 or 3.29%.
Bitcoin rallied last week, rising to a high of $2,953.5 on July 19, just shy of its record high of $3,000 set in June.
Prices rose after Bitcoin avoided a split into two independent currencies when its network supported a proposal on upgrading to its software in order to speed up transactions on the Bitcoin network.
On Monday, Sheba Jafari, the head of technical strategy at Goldman Sachs said in a note to clients that Bitcoin "may need another few swings" before resuming its upward trend.
Bitcoin’s inability to breakout above its June 13 high of $3,000 suggests it is forming a triangle pattern that could see as many as five swings, and a low of $1,786, Jafari wrote.
"Anything above $3,000 will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high.)," Jafari wrote.
Ethereum was last down 3.57% or $7.41 to $200.35, retreating further from its all-time high of $419.3 set on June 11.
The pullback in Ethereum from its all-time high has seen its market capitalization fall to below $18 billion, less than half of Bitcoin’s $41 billion.
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