Bitcoin (BTC) Starts Moving Sideways Between $20k and $21.5k: How Long Will It Continue?

After the epic LUNA crash, withdrawal issues in Celsius Network, and Tron’s USDD pegging problem the whole crypto market becomes volatile just in a week. Additionally, the fed hiked interest rates to stop the inflation that was caused by giving away stimulus checks during the lockdown.

Looking at these factors experienced traders have started pressuring BTC towards $20k and may be lower to $14k or $12k. In May Bitcoin was trading sideways between $32 and 27k. This market move has started repeating between $21.5k and 2ok.

As the stock and bond markets are crashing BTC will surely go down after breaking the psychological $20k level. To be safe most traders have taken short positions. For example a month ago, Crypto Kirby a prominent YouTuber shorted BTC starting from $27k. Until the end of June, the sideways move may end abruptly.

btc price

Helen Larsen

After a long week of holidays in 2020, Helen realized she can do better in reporting Finance and Business news for Own Snap. Right now she is our weekend reporter and author. Sometimes she is busy with her projects that are related to her Master's Degree in Finance.