Coinbase Institutional has shared its opinion that as bitcoin enters new price territory, the wider crypto market could struggle against macro and technical factors in the coming weeks.

“We think crypto may encounter some important macro headwinds and negative technical factors in the weeks ahead before we may witness the next leg higher,” wrote David Duong, Head of Institutional Research at Coinbase, and David Han, Institutional Research Analyst at the firm.

Examples of potentially price-stymying factors include expectations that the U.S. Federal Reserve will allow the Bank Term Funding Program to expire today, potentially closing an arbitrage opportunity for banks.

Additionally, the Consumer Price Index print for last month is expected to be shared tomorrow, and any negative surprises here could lead to a pullback for cryptocurrencies.

Furthermore, Coinbase Institutional sees liquidity potentially being tied up as a result of fund managers’ quarter-end rebalancing and diminishing cash reserves.

The pair also added that they think the comparison between newly mined bitcoin and ETF inflows fails to capture the whole story concerning longer-term cyclical supply trends.

Despite the report, which was published on Friday, the price of bitcoin has continued to push higher to start this week.