Bitcoin (BTC<\/a>) remained stuck inside a narrow range into May 20 as cryptocurrency markets shook off United States macro triggers.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD trading just below $27,000.<\/p>\n The pair had seen brief volatility<\/a> after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation.<\/p>\n While leaving the door open for change should it be required, Powell\u2019s language did not offer risk assets clear signals. Responding, financial commentary resource, The Kobeissi Letter, warned that \u201ctons of uncertainty\u201d lay ahead.<\/p>\n SUMMARY OF POWELL SPEECH (5\/19\/23):<\/p>\n 1. Inflation “far above 2% objective”<\/p>\n 2. Committed to getting inflation to 2%<\/p>\n 3. Unclear if rates are “sufficiently restrictive”<\/p>\n 4. Failure to lower inflation prolongs pain<\/p>\n 5. Will “take time” to lower inflation<\/p>\n Tons of uncertainty ahead.<\/p>\n \u2014 The Kobeissi Letter (@KobeissiLetter) May 19, 2023<\/a><\/p><\/blockquote>\n Bitcoin nonetheless soon forgot the event, returning to a range already familiar from the weekend prior.<\/p>\n Assessing the climate on exchanges, popular trader Skew argued that a fresh volatility was only a matter of time.<\/p>\n \u201cGrowing variance between perp & spot market; which ive posted about previously,\u201d he summarized in part of Twitter coverage on the day. <\/p>\n \u201cVery tight illiquid range here between post friday FED speakers. Expecting market to find an EQ early next week in which both spot & perp market will be forced to establish a trend.\u201d<\/p><\/blockquote>\n A further post noted that the early signals were there for the status quo to be disrupted.<\/p>\n $BTC<\/a> Binance Open Interest Always precedes a liquidity hunt especially in this current environment pic.twitter.com\/exvwCTcci6<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) May 20, 2023<\/a><\/p><\/blockquote>\n Fellow trader Crypto Tony meanwhile forecast that the range would stay in place until the start of the new macro trading week.<\/p>\n A close above or below the levels marked on an accompanying 4-hour chart, he added, would form cause to reconsider the market.<\/p>\n $BTC<\/a> \/ $USD<\/a> – Update <\/p>\n I expect we will be in this range all weekend no doubt, bit we play the breakout if it does come today, tomorrow, next year …<\/p>\n Breakout plays are my favourite. We identify the range, set alerts and wait for the beast to break the cage ‼️ pic.twitter.com\/1B7wB5uqCc<\/a><\/p>\n \u2014 Crypto Tony (@CryptoTony__) May 20, 2023<\/a><\/p><\/blockquote>\n Others were bearish on the immediate future when it came to BTC price performance.<\/p>\n Related:\u00a0Hyperbitcoinization coming, says Bitcoin OG as \u2018wholecoiners\u2019 hit 1 million<\/a><\/em><\/strong><\/p>\n Popular analytics account IncomeSharks warned that a deeper correction was expected, but should not materialize for another week.<\/p>\n “Expecting another week of chop before the big sell off,” part of Twitter commentary stated the day prior.<\/p>\n #Bitcoin<\/a> – The red squiggles surprisingly accurate so far. Double rejection on the 4h supertrend. Expecting another week of chop before the big sell off. That’s when I’ll jump back in, when Twitter thinks we are going back to zero pic.twitter.com\/hakZMRmdGU<\/a><\/p>\n \u2014 IncomeSharks (@IncomeSharks) May 19, 2023<\/a><\/p><\/blockquote>\n Trading resource Stockmoney Lizards agreed, predicting that a breakdown was due while referencing the “head and shoulders” pattern discussed<\/a> throughout trading circles in recent weeks.<\/p>\n “Correction in play,” it summarized<\/a>, offering a target zone around $24,500.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/a0323b35-e60b-4541-a11a-11762af230f9.png\")
Powell leaves market with “tons of uncertainty”<\/h2>\n
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Minimal price movement yet, positions flowing into the market again<\/p>\n\n
Caution over “big sell off” for Bitcoin<\/h2>\n
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