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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Bitcoin May Have Hard Time Breaking Through $32K Barrier

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin

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Bitcoin maintains its crab-like price action as it continues to move sideways in lower and higher timeframes. The general sentiment in the market briefly turned bullish during today’s trade session, but BTC proceeded to return to its critical support area.

Related Reading | Bitcoin Observes Longest Stretch Of Extreme Fear Since April 2020

At the time of writing, BTC’s price trades at $29,700 with a 7% loss in the last 24-hours. Before it retested these lows, Bitcoin was rejected above $32,000 and appeared to be heading to the mid-area of its current levels.

Bitcoin BTC BTCUSD
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

The first crypto by market cap could react to the downside price action on traditional finances. As NewsBTC has been reporting, Bitcoin presents a high correlation with the S&P 500 and particularly higher with the Nasdaq 100 Index.

The latter was rejected at a critical level and is trending to the downside since the start of 2022. This reaction was generated by the U.S. Federal Reserve (FED) and the start of their Quantitative Tightening (QT) program.

Opposite to the Quantitative Easing (QE), when the FED buys assets and its balance sheet increases, QT will make the financial institution sell $1.1 million of assets in global markets every minute, according to an analysis by CoinBeast Media.

As a consequence, global markets, including the crypto industry, could experience more downside pressure. QT might not directly impact the industry, but it will play a key role in global liquidity, and investors’ risk tolerance, and will contribute to the conditions that could prevent Bitcoin from reclaiming new highs.

The FED has over $8.5 trillion in assets on its balance sheet. As CoinBeast explained, the last time the FED began its QT the financial institution sold less than $1 trillion of its assets.

This resulted in a 3-week crash in the stock market which recorded a 22% loss over that period. The report added:

This created a dollar shortage and a banking crisis to begin in the overnight repo market in Q4 2019. This forced Jerome Powell to famously end QT in September 2019 and spawned the infamous “Powell pivot.”

Will History Repeat And Impact Bitcoin?

At that time, macro conditions forced the FED to change its course of action. The “Powell Pivot” was followed by a massive bull run in Bitcoin and stocks.

Today, macro conditions are different, but could yet again force the financial institution to reconsider its strategy. In the meantime, more downside or at least more crab-like price action seems likely.

Related Reading | Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap?

On the above, economist Jan Wüstenfeld said:

Considering the macro situation and quantitative tightening starting, I am not surprised by #bitcoin’s price move today. You can consider all sorts of TA, fundamentals, etc., but ignore the abovementioned factors in this environment, and you will likely draw wrong conclusions.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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