Bitcoin Price News: The global digital asset market witnessed a major pullback as more than $100 billion went out of the market. Bitcoin (BTC), the world’s largest cryptocurrency, fell about 9% over the past 7 days to lose the crucial $30 price point. As the market trades in increasing uncertainty, Bloomberg analyst points to a major pullback ahead.
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Bitcoin price to fall further
Mike McGlone, senior macro strategist at Bloomberg Intelligence mention Bitcoin (BTC) and Ethereum (ETH) may run into a wall of resistance. However, Bitcoin price surged above the $30,000 level to encounter multiple resistances. Same with ETH, the second largest crypto price broke through the $2K level but faced multiple resistances there.
Bloomberg Analyst is still bullish on the long-term biggest of cryptos. Meanwhile, a force generated by the falling stock market in line with the Federal Reserve’s tightening policies leading to a recession has the potential to turn the tide for all risky assets. He marks Bitcoin and Ethereum as some of the riskiest assets.
According to the data, $30,000 and $2,000 were pivotal points for Bitcoin and Ethereum, respectively. McGlone said declining supply and low and increasing adoption make the long-term bullish case. However, a growing consensus shows that worse is over before a US recession sets in. It is indicated by the yield curve with the highest probability since 1982.
Source: Bloomberg Intelligence
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The price of Bitcoin is down about 8% in the last 7 days. BTC is trading at an average price of $28,127 at the time of writing. 24-hour trading volume is down more than 2% to $20 billion. While the price of Ethereum fell 9% in the past 7 days. ETH is trading at an average price of $1,910 at the time of writing.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]
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