Bitcoin (CRYPTO: BTC) is down 2% over the past 24 hours, falling below its bear market resistance band in what resembles previous midterm-year fakeouts, according to crypto analyst Benjamin Cowen.

Why Traders Are Watching This Level

In a podcast on Wednesdyay, Cowen said Bitcoin’s move above the 20-week SMA near $74,000 and the 21-week EMA lacked the follow-through typically seen during true trend reversals.

Instead, the structure looks like prior midterm-year rallies that briefly pushed above key resistance before rolling over again.

“Bulls come out, dunk on the bears, and then the air gets let out,” Cowen said while comparing the current setup to 2018 and 2022 market behavior.

The past bear…

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