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 Bitcoin (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.

After an extended bear phase, the price action always climbs a wall of worry during the initial days of a new bull market. At that time, several analysts remain in disbelief as they keep expecting the price to move lower but traders could catch a change in trend if they keep an eye on the formation of higher highs and higher lows.

Are Bitcoin and select altcoins showing signs of a bottom formation? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s price has been trading in a tight range between $20,400 and $21,650 for the past few days. Usually, a tight consolidation near a stiff resistance is a positive sign as it shows that traders are not rushing to book profits.