{"id":473644,"date":"2022-07-13T20:24:50","date_gmt":"2022-07-13T17:24:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\/"},"modified":"2022-07-13T20:24:50","modified_gmt":"2022-07-13T17:24:50","slug":"3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\/","title":{"rendered":"# 3 reasons why Bitcoin is struggling to flip $20K to support"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a396f4cbc178\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a396f4cbc178\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\/#%E2%80%9D_3_reasons_why_Bitcoin_is_struggling_to_flip_20K_to_support_%E2%80%9C\" >&#8221; 3 reasons why Bitcoin is struggling to flip $20K to support &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\/#Was_Bitcoins_latest_surge_the_result_of_wash_trading\" >Was Bitcoin&#8217;s latest surge the result of wash trading?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\/#Extreme_fear_persists\" >Extreme fear persists<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\/#Leveraged_liquidity_increases_above_25000\" >Leveraged liquidity increases above $25,000<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_3_reasons_why_Bitcoin_is_struggling_to_flip_20K_to_support_%E2%80%9C\"><\/span>&#8221; 3 reasons why Bitcoin is struggling to flip $20K to support &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>The positive gains recorded in the first ten days of July have all but dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared on July 13 as Bitcoin (BTC) and the wider market slid back toward new yearly lows.<\/p>\n<p>Subdued action in the market can be traced back to a variety of factors ranging today&#8217;s record-high Consumer Price Index print and a raging US dollar that recently hit its highest level since October 2002.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that July 13 marked the fifth consecutive day of a declining BTC price, which hit an intra-day low at $18,910, following the declines <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/07\/11\/stock-market-futures-open-to-close-news.html\">across the major stock market indices<\/a>. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/a2b0acc4-f869-4980-a2e7-428ea44dea10.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>As the world awaits a catalyst that can bring positive momentum back into global financial markets, here is what several analysts have to say about what&#8217;s next for Bitcoin. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Was_Bitcoins_latest_surge_the_result_of_wash_trading\"><\/span>Was Bitcoin&#8217;s latest surge the result of wash trading?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin&#8217;s gains over the past week had sparked a new wave of optimism for some traders, but that optimism is likely to fade in the near term.\u00a0 Data from Arcane Research shows that a majority of the momentum came from the removal of trading fees for certain Bitcoin pairs on Binance\u00a0cryptocurrency exchange. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/c06013cc-9d54-4523-b550-13ec3a2de9d5.jpg\"><figcaption style=\"text-align: center;\"><em>Real Bitcoin daily volume (7-day average). Source: Arcane Research<\/em><\/figcaption><\/figure>\n<p>According to Arcane Research, after the fee was removed, trading volumes on the exchange surged and it can be most likely attributed to \u201cwash trading from traders seeking to exploit the fee removal to reach higher fee tiers.\u201d<\/p>\n<p>When looking at the crypto exchange ecosystem as a whole, however, activity remains subdued which is indicative of diminished interest in buying cryptos at the present moment. <\/p>\n<p>Arcane Research said, <\/p>\n<blockquote><p>\u201cAll other exchanges saw muted trading volume last week, with the seven-day average trading volume sitting near 1-year lows, illustrating that the organic trading activity in the market is very muted at the moment.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Extreme_fear_persists\"><\/span>Extreme fear persists<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further evidence highlighting the lack of interest in buying Bitcoin can be found from the Crypto Fear and Greed Index, which is currently experiencing a \u201crecord-long 68-day streak\u201d in the extremely fearfully territory. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/781e178a-888e-418c-b908-5324d764a588.jpg\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index. Source: Alternative<\/em><\/figcaption><\/figure>\n<p>As noted by Arcane Research, the spike to a score of 24 on July 10 was largely influenced by Binance\u2019s decision to remove trading fees, which \u201cled the metric to overstate the current market sentiment fearfulness.\u201d<\/p>\n<p>After the novelty of fee-less Bitcoin trading on the top exchange subsided and volumes returned to normal, the Fear and Greed index has descended back into the extreme fear zone. <\/p>\n<p>Exchange outflows provide further evidence of the state of the market. Following the liquidation of Three Arrows Capital and the freezing of funds at platforms like Celsius, the rate that users have been pulling BTC off exchanges hit its highest level ever on June 26.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Since the start of 2020, BTC outflows from exchanges have far outpaced BTC inflows, with a sharp increase between June &amp; July 2022.<\/p>\n<p>On June 26th, we saw the largest outflow of BTC, with 153k BTC (worth approximately $3.2 billion) scurrying for an exit from centralized exchanges. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/FQp2E2YkSw\">pic.twitter.com\/FQp2E2YkSw<\/a><\/p>\n<p>\u2014 Delphi Digital (@Delphi_Digital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Delphi_Digital\/status\/1546947623545864192?ref_src=twsrc%5Etfw\">July 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>3 key metrics suggest Bitcoin and the wider crypto market have further to fall<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Leveraged_liquidity_increases_above_25000\"><\/span>Leveraged liquidity increases above $25,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of insight into the factors keeping Bitcoin in its current trading range was offered by researchers at Jarvis Labs, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/jarvislabs.substack.com\/p\/the-market-is-changing\">provided<\/a> the following chart showing the dark bands of liquidity that exist below $18,000 and above $25,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/ddde3373-e1f1-46f1-aeeb-f88acbf06909.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin liquidation map. Source: Jarvis Labs<\/em><\/figcaption><\/figure>\n<p>According to Jarvis Labs, the appearance of highly leveraged liquidity signaled the possibility that BTC could make a run for $25,000 barring any unforeseen negative developments. <\/p>\n<p>Jarvis Labs said, <\/p>\n<blockquote><p>\u201cThe caveat here is that for price to threaten that level, no more skeletons can get exposed within the cryptocurrency market, otherwise more forced selling can be triggered.\u201d<\/p><\/blockquote>\n<p>While it remains to be seen which way the price of BTC will move, the one thing that traders should prepare themselves for is the potential for increased volatility in the months ahead as rising global tensions, surging inflation and widespread pessimism suggest that the crypto market and world at large may be in for an extended bear market.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-reasons-why-bitcoin-is-struggling-to-flip-20k-to-support\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; 3 reasons why Bitcoin is struggling to flip $20K to support &#8220; The positive gains recorded in the first ten days of July have all but disappeared on July 13 as Bitcoin (BTC) and the wider market slid back toward new yearly lows. Subdued action in the market can be traced back to a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":473645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMDhkMjkyNTYtZjJkNi00MjQzLWJlYmYtZjcyMzRkZDE2NDQwLkpQRw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,74982,74863,74860,75150,73785],"class_list":["post-473644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=473644"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/473645"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=473644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=473644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=473644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}