Bitcoin movements in the 2022 bear market have almost completely deviated from the established bear trends in the market. The digital asset which had never fallen below a previous cycle peak had finally done it when it fell to $17,600 following the June crash. Since then, the cryptocurrency has had a hard time maintaining its price above the previous cycle peak and has now spent a number of weeks nursing this current level. Bitcoin Enters Consolidation Levels Bitcoin has been consolidating around the 2017 peak levels for the last month. It continues to struggle against the tide in this regard but not even the various recorded accumulation trends have been enough to drag it out of this rut. Since its fall to the $17,000 level, there has not been much in the way of recovery for the digital asset. Related Reading | Ethereum Price Falls Below Critical Level, Will It Hold $1,000? As a result, the major resistance points have been pushed further back, putting even more pressure on the price. The sell-offs continue to dominate given the low prices, and the demand across the big investors has continued to wane. The support that had been built up at $20,000 had been destroyed. As such, short traders have been able to take control of the price. BTC consolidates at 2017 peak | Source: Arcane Research It is important to note, however, that consolidation levels such as these can often precede large surges in price. This has been ...
