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The reason that milestone remains elusive, according to analysts and traders, is simple: There are too many sell orders very near the $20,000 level because some bitcoin holders are afraid of near-term sell-offs.

“A huge [number] of sellers are offering orders near the $20,000 level, which has no doubt created a strong resistance level,” Simon Chen, executive director of investment and trading at Hong Kong-based crypto lender Babel Finance, said.

Further evidence of increased selling pressure near $20,000 is that a growing number of “wrapped” bitcoin have been “unwrapped” from the cooling decentralized finance (DeFi), according to Denis Vinokourov, head of research at Bequant

To some extent, that may have been simply because bitcoin’s price was doing reasonably well over the summer, more than doubling from its March 17 sell-off low of $3,867.09

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