Bitcoin (BTC) on Tuesday during the European session fell to $22,960. The coin lacks support to overcome the resistance around $23,000.
At the same time, since the end of December, BTC has strengthened by about 40%, and many analysts believe that over the next 12 months, the largest digital currency will be able to win back last year’s losses.
In addition to the $23,000 mark, the nearest areas of strong resistance formed at $23,200, $23,400 and $23,500.
Former BitMEX CEO Arthur Hayes is not ruling out a new pullback if the Federal Reserve does not soften the rhetoric.
Bitcoin’s run in January was the result of soft US consumer price data. However, there are no guarantees that in February the Fed will not tighten monetary policy again.
The refusal of the regulator to change the course will sharply weaken the interest of investors in the technology sector, including cryptocurrencies.
The 10-year Treasury yield, by contrast, could double from 3.5% to 7%. In this case, traders will enter more profitable instruments, and the S&P 500 and Nasdaq stock indices will fall below 3,000 and 8,000 points, respectively. Bitcoin in a negative scenario is threatened with a rollback to $15,000, the founder of BitMEX predicts.
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