On May 23โs episode of , analyst and writer Marcel Pechman discusses why Bitcoinย (BTC) is stuck near $27,000 and how the macroeconomic scenario hasย evolved more critical than ever for an eventual breakout. Plus, the show dissects what United States President Joe Biden has been saying about cryptocurrency traders being wealthy tax cheaters.
The 1st news post shows that the most wholeย lotย of price movements tend to occur after periods of low volatility, as traders tend to get overconfident and add leverage. That establish a perfect storm for a decisive breakout, so, inย theย end, stop-loss orders and liquidations further boost the price swing.
Pechman does not believe the Unitedย States Federal Reserve decision on June 14 will be the trigger everyone expects because itโs relatively priced in that theย present 5 percent price will be maintained. In his 20-year trading experience, Pechman reveals those events tend to come out of nowhere.
The show dissects what Biden has been saying about wealthy cryptocurrency traders cheating on their taxes. The alleged protections for cryptocurrency traders refer to tax-loss harvesting โ a strategy investors use toย lower their overall tax liabilities.
Reportsย by Pechman, tax-loss harvesting is nothing new and is relatively common in the stock, mutual fund, and commodities markets. There are no grounds for Bidenโs baseless differentiation of investment classes, and Pechman does not believe the Unitedย States president is in a bargaining position atย thisย time, with less than 10 days to go before a potential debt default.
The showโs third and final post covers the speculation of an imminent Bitcoinย (BTC) breakout toward $29,000. Theย pastย few sideways price movement is eerily similar to early April when BTCโs 12-hour chart ranged betwixt $27,800 and $28,700 for 11 days.
Nonetheless, Pechman outlines little similarity betwixt the early April positiveย tendency breakout and theย present status of the Bitcoinย (BTC) futures premium and options danger metric. The bottom line? This time is different, which doesnโt mean bulls canโt get ahead; itโs just less likely reportsย by those metrics.
Doย not miss out! The show is available exclusively on the Cointelegraph Markets & Research YouTube channel.
