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.



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