The United States equities markets are on track to finish the week in the red but that has not resulted in a deeper loss for (BTC). The news of cryptocurrency lender Genesis filing for Chapter 11 bankruptcy also did not have any meaningful impact on Bitcoin’s price. This shows that the selling pressure could be reducing.
However, trading firm QCP Capital warned in the latest edition of its regular markets newsletter that the current recovery in Bitcoin was only a bear market relief rally. They anticipate this recovery to be followed by another bout of selling which could sink the price of Bitcoin and Ether (ETH) below their 2022 low. QCP used the Elliott Wave analysis to arrive at this conclusion.