CandleFocus

Bloomberg Analyst Says Bitcoin Facing Formidable Resistance at Critical Level, Outlines Headwinds in BTC’s Path

Bloomberg Analyst Says Bitcoin Facing Formidable Resistance at Critical Level, Outlines Headwinds in BTC’s Path
Bloomberg Intelligence senior macro strategist Mike McGlone warns that Bitcoin is facing resistance at the $100,000 level due to changing macroeconomic conditions and the expectation that the Fed will cut rates less than previously thought in 2025. He also notes that Bitcoin's correlation with the S&P 500 is elevated, suggesting price volatility. However, if Bitcoin can stay above $100,000, it may indicate that it is acting more as a store of value like gold. McGlone also warns that gold is performing well against the S&P 500, which could signal a decline in stocks and Bitcoin if BTC's correlation with the stock market remains intact. Currently, Bitcoin is trading at $99,790, up 1.1% in the last 24 hours.

Related News