{"id":523351,"date":"2023-03-16T11:30:17","date_gmt":"2023-03-16T11:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=523351"},"modified":"2024-06-11T07:44:34","modified_gmt":"2024-06-11T07:44:34","slug":"bitcoin-price-set-to-rally-as-macro-backdrop-is-perfect","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-set-to-rally-as-macro-backdrop-is-perfect\/","title":{"rendered":"Bitcoin Price Set To Rally As Macro Backdrop Is Perfect, Here’s Why"},"content":{"rendered":"

As the banking crisis has spread from the United States to Europe, Bitcoin may find the perfect macro environment for a major price rally. In a tweet, notorious trader Andrew Kang wrote<\/a> that the macro backdrop has never been more perfect.<\/p>\n

Kang cites the Fed’s need to reduce its aggressiveness in raising interest rates in light of the economic slowdown and turmoil in the global financial system<\/a>. In addition, stocks are not attractive given declining sales and high price-to-earnings ratios.<\/p>\n

On top of that, according to Kang, bonds offer a mediocre yield and R\/R profile. The US dollar, euro and other fiat currencies are likely to become increasingly devalued. “An amazing set-up to compel flows from TradFi investors,” Kang claims.<\/p>\n

$2 Trillion In Liquidity And Credit Suisse<\/h2>\n

The trader’s tweet comes amid news that J.P. Morgan expects the Federal Reserve’s (Feds) emergency lending program to provide $2 trillion in liquidity. This will reverse the Fed’s monetary tightening policy, according to strategists at the major bank led by Nikolaos Panigirtzoglou.<\/p>\n

A client note<\/a> on Wednesday obtained by Bloomberg said that while it’s unlikely the largest banks would take up the program, the maximum utilization of the facility is nearly $2 trillion, equal to the nominal value of bonds held by US banks outside the five largest banks.<\/p>\n

Related Reading: Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control<\/a><\/div>\n

In Europe, the Swiss National Bank and the Financial Market Supervisory Authority (FINMA) have published<\/a> a statement on market uncertainty and declared that the troubled Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the Swiss National Bank will provide Credit Suisse with liquidity.<\/p>\n

Credit Suisse shares rose more than 40% at the start of the trading session after the bank announced it would borrow up to $54 billion from the Swiss National Bank.<\/p>\n

Bitcoin Price About To Rally?<\/h2>\n

According to analyst “52kskew”, the recent setback in financial markets, despite an upcoming Fed pivot, may have happened due to uncertainty. “Something is not quite right with markets today, […] shift in market tone is very apparent in terms of macro \/ traditional markets,” the analyst explained<\/a>, adding:<\/p>\n

Looking more like rush to get out & higher volatility which boosts cash reserves more than market exposure for obvious reasons. Time horizon varies with this kind of positioning change to actual market impact; however, it’s always ahead of central bank pivots & global issues.<\/strong><\/p><\/blockquote>\n

That a strong Bitcoin rise could be imminent is also indicated by the Binance spot order book. This shows a conspicuous abundance in the $22,500 to $24,000 range. Possibly this could be Binance’s liquidated Industry Fund being used<\/a> to buy in this range?<\/p>\n

Related Reading: Why Bitcoin Could Explode To $40,000 Per Coin In A Flash<\/a><\/div>\n

Even if the heatmap does not mean that all orders are really filled, the situation remains to be observed. However, the analyst also warned, “Movements [are] becoming more clear here as buy orders are being placed under price to push prices higher. Often this attracts perp buyers to fill spot sell orders above,” and shared the chart below.<\/p>\n

\"Bitcoin
Bitcoin Binance spot orderbook | Source: Twitter @52kskew<\/a><\/figcaption><\/figure>\n

As analyst Micha\u00ebl van de Poppe explained<\/a>, today is a big day for the market, as the US unemployment figures will be released. Traders should keep an eye on that. “Last week we’ve seen the largest jump since October, would be wondering whether we’ll be seeing continuation of that rise, which might mean we’ll have higher unemployment numbers,” van der Poppe stated.<\/p>\n

At press time, Bitcoin was trading at $24,937, trying again to break through key resistance at $25,200.<\/p>\n

\"Bitcoin
Bitcoin price challenges $25,200, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

As the banking crisis has spread from the United States to Europe, Bitcoin may find the perfect macro environment for a major price rally. In a tweet, notorious trader Andrew Kang wrote that the macro backdrop has never been more perfect. Kang cites the Fed’s need to reduce its aggressiveness in raising interest rates in light of the economic slowdown and turmoil in the global financial system. In addition, stocks are not attractive given declining sales and high price-to-earnings ratios. On top of that, according to Kang, bonds offer a mediocre yield and R\/R profile. The US dollar, euro and other fiat currencies are likely to become increasingly devalued. “An amazing set-up to compel flows from TradFi investors,” Kang claims. $2 Trillion In Liquidity And Credit Suisse The trader’s tweet comes amid news that J.P. Morgan expects the Federal Reserve’s (Feds) emergency lending program to provide $2 trillion in liquidity. This will reverse the Fed’s monetary tightening policy, according to strategists at the major bank led by Nikolaos Panigirtzoglou. A client note on Wednesday obtained by Bloomberg said that while it’s unlikely the largest banks would take up the program, the maximum utilization of the facility is nearly $2 trillion, equal to the nominal value of bonds held by US banks outside the five largest banks. Related Reading: Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control In Europe, the Swiss National Bank and the Financial Market Supervisory Authority (FINMA) have published a statement on market uncertainty and declared that the troubled Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the Swiss National Bank will provide Credit Suisse with liquidity. Credit Suisse shares rose more than 40% at the start of the trading session after the bank announced it would borrow up to $54 billion from the Swiss National Bank. Bitcoin Price About To Rally? According to analyst “52kskew”, the recent setback in financial markets, despite an upcoming Fed pivot, may have happened due to uncertainty. “Something is not quite right with markets today, […] shift in market tone is very apparent in terms of macro \/ traditional markets,” the analyst explained, adding: Looking more like rush to get out & higher volatility which boosts cash reserves more than market exposure for obvious reasons. Time horizon varies with this kind of positioning change to actual market impact; however, it’s always ahead of central bank pivots & global issues. That a strong Bitcoin rise could be imminent is also indicated by the Binance spot order book. This shows a conspicuous abundance in the $22,500 to $24,000 range. Possibly this could be Binance’s liquidated Industry Fund being used to buy in this range? Related Reading: Why Bitcoin Could Explode To $40,000 Per Coin In A Flash Even if the heatmap does not mean that all orders are really filled, the situation remains to be observed. However, the analyst also warned, “Movements [are] becoming more clear here as buy orders are being placed under price to push prices higher. Often this attracts perp buyers to fill spot sell orders above,” and shared the chart below. As analyst Micha\u00ebl van de Poppe explained, today is a big day for the market, as the US unemployment figures will be released. Traders should keep an eye on that. “Last week we’ve seen the largest jump since October, would be wondering whether we’ll be seeing continuation of that rise, which might mean we’ll have higher unemployment numbers,” van der Poppe stated. At press time, Bitcoin was trading at $24,937, trying again to break through key resistance at $25,200. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":523372,"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":[428,1119,1522,2007,72562],"class_list":["post-523351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-credit-suisse","tag-fed","tag-macro"],"acf":[],"yoast_head":"\nBitcoin Price Set To Rally As Macro Backdrop Is Perfect<\/title>\n<meta name=\"description\" content=\"As the banking crisis has spread from the United States to Europe, Bitcoin may find the perfect macro environment for a major price rally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Set To Rally As Macro Backdrop Is Perfect, Here’s Why","url":"http:\/\/wncen.com\/news\/bitcoin-price-set-to-rally-as-macro-backdrop-is-perfect\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-set-to-rally-as-macro-backdrop-is-perfect\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-157533216-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-157533216-1.jpg?fit=1346%2C779"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","credit suisse","fed","macro"],"dateCreated":"2023-03-16T11:30:17Z","datePublished":"2023-03-16T11:30:17Z","dateModified":"2024-06-11T07:44:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Set To Rally As Macro Backdrop Is Perfect, Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-set-to-rally-as-macro-backdrop-is-perfect\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-set-to-rally-as-macro-backdrop-is-perfect\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-157533216-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-157533216-1.jpg?fit=1346%2C779\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"credit suisse\",\"fed\",\"macro\"],\"dateCreated\":\"2023-03-16T11:30:17Z\",\"datePublished\":\"2023-03-16T11:30:17Z\",\"dateModified\":\"2024-06-11T07:44:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/iStock-157533216-1.jpg?fit=1346%2C779","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/523351"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=523351"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/523351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/523372"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=523351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=523351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=523351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}