Why Bitcoin is stuck below $28,000 resistance
cointelegraph.comOn May 23’s episode of The Market Report, analyst and writer Marcel Pechman discusses why Bitcoin (BTC) is stuck near $27,000 and how the macroeconomic scenario has become more critical than ever for an eventual breakout.
Plus, the show dissects what United States President Joe Biden has been saying about crypto traders being wealthy tax cheaters.The first news article shows that the most significant price movements tend to occur after periods of low volatility, as traders tend to get overconfident and add leverage.
That creates a perfect storm for a decisive breakout, so, ultimately, stop-loss orders and liquidations further boost the price swing.Pechman does not believe the U.S.
Federal Reserve decision on June 14 will be the trigger everyone expects because it’s relatively priced in that the current 5% rate will be maintained.
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