Bitcoin is unlikely to revisit the $77,000 price level anytime soon after the Fed signaled a slowdown in quantitative tightening (QT), says BitMEX co-founder Arthur Hayes.
On March 10, Bitcoin (BTC) dipped near the $77,000 level for the first time since November, according to CoinMarketCap data.
“Was BTC $77k the bottom, prob,” Hayes said in a March 20 X post after declaring that QT is “basically over” following the Fed’s March 19 announcement that starting in April, it will slow its securities sell-off by reducing the monthly Treasury cap from $25 billion to $5 billion.
Bitcoin is up 3.53% over the past seven days. Source: CoinMarketCap
This could ease liquidity pressures and support risk assets like Bitcoin, as QT involves central banks selling assets to <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-quantitative-easing-and-how-does-it-work"