Bitcoin has been slowing down on its bullish momentum after crossing the barrier at $22,000 and $23,000. The cryptocurrency still holds some of its gains from last week but might be poised for a re-test of lower levels. At the time of writing, BTC’s price trades at $22,900 with a 2% loss in the last 24 hours and an 8% profit over the past week. This Bitcoin Bear Market Might Not Be Like 2020 Crypto market participants seem to be in pursuit of a quick and persistent uptrend, like the one seen in 2020. At that time, BTC’s price drop to a low of $3,000 and then began an ascend to its current all-time highs. However, trading firm QCP Capital believes the price of Bitcoin and other large cryptocurrencies might see more sideways movement and downside pressure before reclaiming lost territory. This price action might be more like the 2018 bear market. The firm believes BTC’s price will benefit during Q3, 2022. During this period, the cryptocurrency might attempt to reclaim higher levels, but with a potential to break above critical resistance areas capped by increased selling pressure from the Bitcoin mining sector and crypto companies suffering due to the bearish trend. BTC’s price action might continue to operate on uncertain grounds with “choppy moves” with an alternative narrative between bullish and bearish with a critical resistance at $28,700 to the upside and critical support at $10,000 to the downside. The latter matches the...
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