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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Central Bank Chairs Push Bitcoin Price To The Downside, Will BTC Bounce Again?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin Price Rebounds After Falling Below The $20,000 Mark

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The Bitcoin price is hanging by a thread as it retraces its gains from yesterday’s trading session. Once again, macroeconomic forces seem to be taking over the price action as the number one cryptocurrency by market capitalization looks into the abyss of a potential fresh leg down.

Related Reading: Fantom Keeps Close Eye On Possible 20% Slide This Month

At the time of writing, Bitcoin price trades at $19,077 with a 5% loss and a 1% profit in the last 7 days and 24 hours, respectively. BTC is looking at two potential support levels in short timeframes to prevent further downside.

Bitcoin price BTC BTCUSDT
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Price Reacts Bearish To ECB Interest Rates Hikes

Today was poised to be a volatile day as the Chairmans of two of the world’s largest central banks, the European Central Bank (ECB) led by Cristine Lagarde and the U.S. Federal Reserve (Fed) led by Jerome Powell, made important announcements.

The ECB announced a 75-basis point interest rate hike, the biggest in its history. In the coming months, the financial institution will continue to hike as they aim to “dampen demand and guard against the risk of a persistent upward shift in inflation expectations”.

In addition to stopping inflation, the same target as the U.S. Fed, the ECB is looking to slow the Euro from crashing against the U.S. dollar. In light of the current macroeconomic uncertainty and the spike in global energy, people have been fleeting to the dollar.

This has led to a crash in the European currency, legacy financial markets, the Bitcoin price, and crypto markets. As Lagarde announced their measures, the Euro saw a small spike which could hint at a positive perception from the market.

Bitcoin price BTC BTCUSDT 2
Euro reacts to the upside as ECB announces interest rate hike. Source: Holger Zschaepitz
via Twitter

Sell Liquidity Increases, Can Bitcoin Overcome It?

Both Lagarde and Powell agreed that the short term is hinting at more pain for the financial world. Initially, the Bitcoin price reacted to the downside but is still sitting at critical support and might be able to bounce from $19,000.

This level and $18,600 are operating as key support and bulls must maintain them to prevent further downside. As NewsBTC reported yesterday, it is critical that bulls reclaim upper levels at $19,000 and north of $20,500.

Related Reading: Bake Token (BAKE) Cracks Double Gains As Buyers Eye A Feast At $0.4

However, data from Material Indicators hints at short-term headwinds as the Bitcoin orderbook is seeing a spike in ask (sell) liquidity. $19,400 seems like critical low timeframe overhead resistance with around $10 million in ask orders.

Bitcoin BTC BTCUSDT MI 3
BTC price (blue line on the chart) sees a spike in selling orders (yellow levels about price) that could operate as short-term resistance. Source: Material Indicators
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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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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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