US stock markets are on track to end the week in the red but this did not result in a deeper loss of (BTC). Cryptocurrency lender news Genesis filing for Chapter 11 bankruptcy It also had no significant impact on the Bitcoin price. This indicates that the selling pressure could be diminishing.
However, trading firm QCP Capital warned in the latest issue of its Regular Markets newsletter that the current rally in Bitcoin was Only the bear market rebound. They anticipate that this recovery will be followed by another selling bout that could send Bitcoin and Ether lower (ETH) is below its 2022 low. QCP used Elliott wave analysis to reach this conclusion.