The Bitcoin price has experience volatility over today’s trading session as the cryptocurrency rallied to the $20,000 level. Across social media platforms, some market participants celebrated the bullish price action, but they went silent as BTC stumbled back into its range.
At the time of writing, the Bitcoin price trades at $18,900 with a 1% and 3% loss over the last 24 hours and 7 days, respectively. The benchmark cryptocurrency has been moving sideways trading in a range between its current levels and $19,500.Bitcoin Price Stuck In A Range As Global Currencies Trend Downwards
Despite this sideways price action and a persistent downside trend across 2022, the Bitcoin price has outperformed other assets in the legacy financial sector. According to a from the New York Times, the cryptocurrency has been trading “slightly” in the green while major currencies and indexes record losses.Over the past year currencies have collapsed against the dollar: CAD -8%, CNY -9%, AUD -11%, ZAR -17%, KRW -18%, EUR -18%, PLN -21%, GBP -22%, JPY -23%, TRY -52% Over the past four years the dollar has collapsed -67% against .— Michael Saylor⚡️ (@saylor)
Bitcoin Liquidates Leverage Shorts And Longs Positions
As the global economic conditions that are strengthening the U.S. dollar are still in play, Bitcoin seems poised to move sideways away from price discovery. On lower timeframes, a pseudonym trader recorded a spike in Open Interest (OI) over today’s trading session. As high leverage players got taken out with today’s sudden move to the upside and return to the current levels, the Bitcoin price seems poised to move sideways for the time being. However, as NewsBTC reported, the market might see further volatility during this month’s candle close.The S&P 500 is still hanging on and trying to turn positive on the day. Today’s close will be key.— Justin Bennett (@JustinBennettFX)