Bitcoin is retracing after a rejection north of critical resistance at around $20,000 and might be gearing up for a fresh leg down into its final support level. The crypto was seeing some profits earlier this week, but any bullish momentum has been wiped out by macroeconomic forces. Related Reading: Shiba Predator Cracks Double-digit Gains, How Far Can Price Go? At the time of writing, Bitcoin (BTC) trades at $19,600 with a 2% loss in the last 24 hours and sideways movement across the week. The rest of the crypto market is following the sentiment in the crypto market proving that, once again, any potential rally is capped by the bigger picture. Bitcoin Takes Out Leverage Longs, Time For A Squeeze? According to analyst Justin Bennett, Bitcoin made a downside run towards $19,600 and a bit lower to remove leverage players from their positions. The cryptocurrency often moves in the opposite direction of the majority of traders and makes a run for the liquidity pools created by over-leverage positions. In this case, retail traders might have jumped into the bullish price action experienced this week by taking longs in hopes of further appreciation. Bennett believes that with these players out of the way, the market might be readying for a bounce: BTC long liquidations run at $19,600, as mentioned yesterday in Discord. Now probably time for a bounce back to $20,500. Just trading both sides of the range for now. In general, Bennett h...
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