{"id":516779,"date":"2023-01-19T10:28:47","date_gmt":"2023-01-19T15:28:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=516779"},"modified":"2024-06-11T14:33:26","modified_gmt":"2024-06-11T14:33:26","slug":"bitcoin-holds-line-20700-losses-imminent","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-holds-line-20700-losses-imminent\/","title":{"rendered":"Bitcoin Bulls Hold The Line At $20,700, But Bigger Losses Are Imminent?"},"content":{"rendered":"

Bitcoin lost steam the previous day and seems poised to re-test its support levels in the coming days. The cryptocurrency rallied on the back of favorable macroeconomic winds and high upside liquidity from overleveraged short traders.\u00a0<\/span><\/strong><\/p>\n

Related Reading: Solana Gleams 30% In Last 7 Days As SOL Bulls Try To Break $21 Barrier<\/a><\/div>\n

As of this writing, Bitcoin trades at $20,800 with a 3% loss in the last 24 hours. BTC remained positive during the previous seven days and recorded a 16% profit. The number one crypto by market capitalization is the best performer in the top 10.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

The Biggest Obstacle For Bitcoin In The Short Term<\/h2>\n

NewsBTC reported<\/a> that short positions were piling up as Bitcoin trended to the upside. The market took out over half a billion dollars in short positions. As the market trended upside, these positions were liquidated, allowing BTC to continue climbing.\u00a0<\/span><\/p>\n

In that sense, Bitcoin might keep trending upwards but at a slower pace. As the market ate off those shorts during the past week, over-confident long positions might become the target. This shift might push BTC back to the critical supports at $19,600 to $19,700.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC liquidation levels. Source: Loner via Twitter<\/figcaption><\/figure>\n

These levels have confluence with the 200-Day Simple Moving Average (SMA) and 50x leverage longs. Thus, there is a high liquidity pool sitting at those levels, ready to be taken by market movers.\u00a0<\/span><\/p>\n

On higher timeframes, a recent report<\/a> from QCP Capital claims the macroeconomic winds might change and could negatively impact crypto. 2023 kicked off with a positive outlook on critical metrics, such as inflation, and high expectations of a monetary pivot by the U.S. Federal Reserve.<\/span><\/p>\n

The financial institution has been hiking interest rates and unloading its balance sheet to combat inflation. This metric has been at its highest level in the last 40 decades.\u00a0<\/span><\/p>\n

Markets Will Take A “Rude Shock?”<\/h3>\n

Recent data shows inflation is declining; this trend might support the Fed\u2019s slowdown on its monetary policy and provide room for Bitcoin and risk on assets to rally. However, QCP Capital believes that while Q1, 2023 might be positive for these assets, Q2 could see some hurdles:\u00a0<\/span><\/p>\n

While we expect the 1 February FOMC to push back strongly against this pricing, we believe the 22 March FOMC will be the moment of truth, when updated rate forecasts will be released. Should there be no adjustment to the median 2023 dot, then we expect markets will be in for a rude shock.<\/p><\/blockquote>\n

The fact that Bitcoin and some stocks have been rallying is evidence of \u201chow quickly financial conditions have loosened,\u201d the firm believes. The Fed has been fighting against this economic environment, so its return could push the financial institution to tighten its monetary policy.\u00a0<\/span><\/p>\n

\"Bitcoin
Interest rate hike expectations are declining as the market approaches 2024. Source: QCP Capital<\/strong><\/a><\/figcaption><\/figure>\n
Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge<\/a><\/div>\n

For this time next year, the market is expecting much lower interest rates, as seen in the chart above. It remains to be seen if the Fed will indulge these expectations or if inflation will persist, leading to more pain across the crypto and the legacy financial market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin lost steam the previous day and seems poised to re-test its support levels in the coming days. The cryptocurrency rallied on the back of favorable macroeconomic winds and high upside liquidity from overleveraged short traders.\u00a0 Related Reading: Solana Gleams 30% In Last 7 Days As SOL Bulls Try To Break $21 Barrier As of this writing, Bitcoin trades at $20,800 with a 3% loss in the last 24 hours. BTC remained positive during the previous seven days and recorded a 16% profit. The number one crypto by market capitalization is the best performer in the top 10.\u00a0 The Biggest Obstacle For Bitcoin In The Short Term NewsBTC reported that short positions were piling up as Bitcoin trended to the upside. The market took out over half a billion dollars in short positions. As the market trended upside, these positions were liquidated, allowing BTC to continue climbing.\u00a0 In that sense, Bitcoin might keep trending upwards but at a slower pace. As the market ate off those shorts during the past week, over-confident long positions might become the target. This shift might push BTC back to the critical supports at $19,600 to $19,700.\u00a0 These levels have confluence with the 200-Day Simple Moving Average (SMA) and 50x leverage longs. Thus, there is a high liquidity pool sitting at those levels, ready to be taken by market movers.\u00a0 On higher timeframes, a recent report from QCP Capital claims the macroeconomic winds might change and could negatively impact crypto. 2023 kicked off with a positive outlook on critical metrics, such as inflation, and high expectations of a monetary pivot by the U.S. Federal Reserve. The financial institution has been hiking interest rates and unloading its balance sheet to combat inflation. This metric has been at its highest level in the last 40 decades.\u00a0 Markets Will Take A “Rude Shock?” Recent data shows inflation is declining; this trend might support the Fed\u2019s slowdown on its monetary policy and provide room for Bitcoin and risk on assets to rally. However, QCP Capital believes that while Q1, 2023 might be positive for these assets, Q2 could see some hurdles:\u00a0 While we expect the 1 February FOMC to push back strongly against this pricing, we believe the 22 March FOMC will be the moment of truth, when updated rate forecasts will be released. Should there be no adjustment to the median 2023 dot, then we expect markets will be in for a rude shock. The fact that Bitcoin and some stocks have been rallying is evidence of \u201chow quickly financial conditions have loosened,\u201d the firm believes. The Fed has been fighting against this economic environment, so its return could push the financial institution to tighten its monetary policy.\u00a0 Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge For this time next year, the market is expecting much lower interest rates, as seen in the chart above. It remains to be seen if the Fed will indulge these expectations or if inflation will persist, leading to more pain across the crypto and the legacy financial market.<\/p>\n","protected":false},"author":535,"featured_media":506724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-516779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Bulls Hold The Line At $20,700, But Bigger Losses Are Imminent?<\/title>\n<meta name=\"description\" content=\"Bitcoin lost steam the previous day and seems poised to re-test its support levels in the coming days. 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bulls Hold The Line At $20,700, But Bigger Losses Are Imminent?","url":"http:\/\/uniquehot.com\/news\/bitcoin-holds-line-20700-losses-imminent\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-holds-line-20700-losses-imminent\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-BTCUSDT-Crypto.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-BTCUSDT-Crypto.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-01-19T15:28:47Z","datePublished":"2023-01-19T15:28:47Z","dateModified":"2024-06-11T14:33:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bulls Hold The Line At $20,700, But Bigger Losses Are Imminent?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-holds-line-20700-losses-imminent\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-holds-line-20700-losses-imminent\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Bitcoin-BTC-BTCUSDT-Crypto.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Bitcoin-BTC-BTCUSDT-Crypto.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-01-19T15:28:47Z\",\"datePublished\":\"2023-01-19T15:28:47Z\",\"dateModified\":\"2024-06-11T14:33:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Bitcoin-BTC-BTCUSDT-Crypto.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/516779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=516779"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/516779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/506724"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=516779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=516779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=516779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}