Bitcoin Traders Shift Focus from Fed to Classic Price ‘Liquidity Hunt’

Bitcoin (BTC) remained stagnant on May 20 as the cryptocurrency market ignored macro triggers in the United States. BTC/USD was trading just below $27,000, and even though it saw brief volatility after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation, it soon returned to a range that was already familiar from the weekend prior. While leaving the door open for change should it be required, Powell’s language did not offer risk assets clear signals, leading financial commentary resource The Kobeissi Letter to warn that “tons of uncertainty” lay ahead. Despite this, popular trader Skew argued that fresh volatility was only a matter of time, and fellow trader Crypto Tony forecasted that the range would stay in place until the start of the new macro trading week. However, others were bearish on the immediate future when it came to BTC price performance, with IncomeSharks warning that a deeper correction was expected but should not materialize for another week, and Stockmoney Lizards predicting that a breakdown was due while referencing the “head and shoulders” pattern discussed throughout trading circles in recent weeks.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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