The bullish momentum that propelled Bitcoin (BTC) to a 66.1% year-to-date gain has all but vanished as Bitcoin lost 9.4% in the past 6-months. Bitcoin price seemingly had sustained bullish momentum after the Grayscale court victory against the SEC, but these gains have fully evaporated as the losing streak from September continues into October.
The contraction in Bitcoin price has some analysts comparing the current BTC market to the pre-bull market cycle of 2015-2017 as $28,000 becomes a major resistance.