Bitcoin is still stuck in a tight range as it trades around $20,000 to $21,000. The cryptocurrency was rejected at major resistance levels and could re-test its yearly lows close to $17,000.
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At the time of writing, BTC’s price trades at $20,600 with a 1.4% loss and a 7% profit in the last 24 hours and last week respectively.
BTC’s price trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview
Bitcoin has been trending to the downside since late 2021 when the cryptocurrency reached an all-time high at $69,000. Since then, BTC’s price has lost over 60% of its value and could continue trending to the downside in the short term.
However, former CEO at crypto exchange BitMEX Arthur Hayes claims a “Doom Loop” has begun in the macroeconomic arena. Via Twitter, Hayes shared the Euro (EUR) daily chart compared to the U.S. dollar.
The European currency reached parity with its North American counterpart for the first t ..
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