The price of Bitcoin remained pretty stuck inside a narrow range as they moved into 20th May as the markets of cryptocurrency shook off the macro triggers in the country. According to data that was received from Cointelegraph Markets Pro and TradingView, it was understood that the crypto exchange was trading at just under $27,000.
The pair had already seen some form of brief volatility after Jerome Powell, the chair of the Federal Reserve, gave out new commentary on the policy and outlook for inflation. While leaving out the door for change, the language used by Powell didn’t, under any circumstance, offer any risk assets clear signals.
Bitcoin Trading Has Been Seeing A Lot Of Downs Recently
As it turns out, Bitcoin soon forgot all about that event, as they returned to a range that they were already familiar with, from the previous weekend. Assessing the climate on various exchanges, Skew, a popular trader, went on to argue that fresh volatility was simply a matter of time. He went on to summarize it as a growing variance between the spot and perp market, which he had posted about previously. Another post went on to note the early signals that were there for disrupting the status quo.
Crypto Tony, another trader, also forecasted that the Bitcoin range would be in place until the start of the new macro trading week. A close anywhere above or below the market levels on an accompanying four-hour chart could form cause to reconsider the entire market. The rest of the community was pretty bearish in the immediate future when it came to the price performance of BTC. IncomeSharks, a popular analytics account, also warned that a far deeper correction was expected but it wouldn’t materialize for another week.