Arthur Hayes Shows Concern For Bitcoin In The Near Future
BitMEX co-founder Arthur Hayes has identified a critical support level that should worry traders and investors who have long holdings in Bitcoin (BTC).
Arthur Hayes writes in a recent blog post that Bitcoin bulls should be worried about the $17,500 price level, which represents the current bear market bottom for BTC. According to Hayes:
“As we watch the gyrations of the USD liquidity index and its impulse, the Bitcoin level that longs should be worried about is $17,500. The most likely course of action is a re-test of that low. Whether it holds the line or not is entirely dependent on the trajectory of the USD liquidity index’s impulse.”
According to the former BitMEX CEO, Bitcoin’s performance will most likely be determined by the US dollar liquidity index, a metric that tracks the quantity of US dollars in the system through the size of the Fed’s balance sheet, the Fed’s reverse repo facility, and the balance of the US Treasury general account with the New York Fed.
Hayes said the Fed’s commitment to decreasing its balance sheet and the US Treasury’s willingness to issue additional debt to support the government drain liquidity from the system, which he says is bad news for Bitcoin.
At the time of writing, BTC is trading at $19,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
Bitcoin
Arthur Hayes Shows Concern For Bitcoin In The Near Future
BitMEX co-founder Arthur Hayes has identified a critical support level that should worry traders and investors who have long holdings in Bitcoin (BTC).
Arthur Hayes writes in a recent blog post that Bitcoin bulls should be worried about the $17,500 price level, which represents the current bear market bottom for BTC. According to Hayes:
“As we watch the gyrations of the USD liquidity index and its impulse, the Bitcoin level that longs should be worried about is $17,500. The most likely course of action is a re-test of that low. Whether it holds the line or not is entirely dependent on the trajectory of the USD liquidity index’s impulse.”
According to the former BitMEX CEO, Bitcoin’s performance will most likely be determined by the US dollar liquidity index, a metric that tracks the quantity of US dollars in the system through the size of the Fed’s balance sheet, the Fed’s reverse repo facility, and the balance of the US Treasury general account with the New York Fed.
Hayes said the Fed’s commitment to decreasing its balance sheet and the US Treasury’s willingness to issue additional debt to support the government drain liquidity from the system, which he says is bad news for Bitcoin.
At the time of writing, BTC is trading at $19,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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