Coinbase has warned that cryptocurrency markets may face macro and technical challenges in the short term, with liquidity potentially impacted by quarter-end rebalancing. Despite bitcoin reaching a new all-time high, negative technical factors and macro headwinds may limit further gains. The Federal Reserve is expected to let the Bank Term Funding Program expire on March 11, which could reintroduce vulnerabilities into the financial system. Coinbase predicts that bitcoin is likely to trade within a narrow range until the halving event in mid-April, as exchange-traded funds have changed bitcoin's market dynamics.