Bitcoin Weekly: Typical Bear Market Behavior

Bear markets are characterized by heavy selling, followed by weak recoveries. That’s exactly what bitcoin is doing.

The crypto bear market keeps dragging on.

I don’t have much new to say about the bitcoin chart from last week. It’s still consolidating after the drop down to 60k a little more than two weeks ago. Support around 60k is holding, but the bounce has been anything but convincing.

The drop from 80k down to 60k happened in about two weeks. But so far, two weeks after the drop, bitcoin has only managed a measly recovery from 60k up to 64k.

Fast and deep sell-offs. Slow and weak bounces.

That’s your typical bear market pattern.