Cryptocurrencies are under pressure, and Bitcoin dropped temporarily to $66,890 on Wednesday. The battle between the bulls and the bears in the market is intense, and the BTC bulls are facing stiff opposition.

The total market capitalization of the crypto market fell 1.1 percent to $2.31 trillion, well down from the $2.57 trillion reached near Bitcoin's all-time high. Bitcoin recovered slightly and currently trades at $67.050, representing a modest 0.93 percent drop over the past 24 hours. Relative to last week, the price is moving sideways, with a minimal decline of 0.12 percent.

Ether, the second-largest crypto currency, dropped 1.34 percent to $2,615. Popular altcoins such as Aptos (-4.18 percent), Dogecoin (-5.17 percent), and Sui (-5.21 percent) fell even more. One notable exception is Solana, which although down 2.04 percent over the same period, recorded a 6.94 percent increase on a weekly basis and now trades around $165.30.

Bitcoin Spot ETFs also recorded net outflows for the first time after a long string of positive results, with $79.1 million pulled out of the BTC funds on Tuesday.

Despite recent corrections, "Uptober" is traditionally seen as a strong month for trading in Bitcoin and other crypto currencies. Monetary easing by the U.S., China and Europe could provide additional support to the crypto market. A rally in equity markets could also benefit the crypto market.

Positive news also comes from a CryptoQuant report, which reports that retail investor demand for Bitcoin has increased 13 percent in the past 30 days. The last time there was such a positive development was in March, when Bitcoin reached its all-time high of $73,750.