This is why Bitcoin is struggling to cut $ 20,000, according to Crypto Trader Luke Martin

Crypto trader Luke Martin blasts Bitcoin’s inability to push above the $ 20,000 psychological level.

In a new video, Martin says there is enough evidence to show that organizations are buying Bitcoin and pushing the price higher during US hours. The trouble is, traders are noticing the pattern and may be too eager to get on with the act.

Martin quotes recently comments by Alameda Research quantitative analyst Sam Trabucco, who describes BTC’s overall price trend in recent weeks.

“Going into the last few weeks during the US, there’s been a kind of predictable pattern. Everyone knows the narrative by now – BTC is being bought by institutional investors and other US entities. So BTC has been going up in the morning! Makes sense.

But let’s assume that the world understands this pattern – will it only arise before then? Well, that * happened * today – from about noon HK time until the big crash at the peak, BTC rose steadily, probably as people expected BTC to be purchased during US hours.

So while we have seen this effect the previous days of this week, the BTC rally during the Asia day tells me that it’s not clear what to expect * during the * US day, as all the impact may have already happen and US people won’t want to buy!

Martin says Trabucco’s grip is spot on, and traders seem to be getting too keen, too open, too early.

“All of a sudden people said, ‘Why don’t I run that US buyer in the front?’ And that started to happen. During Asian trading hours, traders began to run that buyer head on. They got excited too much. People started to yearn for leverage, and as the price increased in front of that buyer, things collapsed because we saw that there was no buying pressure to get us through. ”

In the midst of BTC’s disadvantage to the low $ 18,000 region, Trabucco he said he watches for the same pattern to return.

“For what it’s worth, even though the markets have obviously cooled down, I still expect a lot of the same behavior to return last week once the price either drops a lot of highs – we are in a ‘low momentum zone’ mainly because many of the nearby liquidations * have already occurred *…

Whatever this ride looks like, I think we can rely on one thing: it will be uneven. (Okay, maybe we can rely on a second thing: liquidations will be involved.) ”


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