BTC.top founder says BTC rangebound trade may be pause before further decline

Bitcoin’s movement in the $60,000-$70,000 range is likely a pause during a bottom-finding process before further downside, Jiang Zhuoer, founder of mining pool BTC.top and a blockchain expert with Chinese roots, said. Jiang said BTC repeatedly tested support at $6,000 in 2018, and many investors viewed that level as an unbreakable floor. Bitcoin then moved sideways in the $6,000-$7,000 range for about two and a half months, he said, before the support level eventually gave way and the price plunged to around $3,000. Jiang said the episode closely resembles the current market, with BTC trading sideways in the $60,000-$70,000 range for a second straight month.