Bitcoin Live Price Today: Is the BTC Bounce a Tactical Short-Bloomberg Statergists Makes a Point!
The post Bitcoin Live Price Today: Is the BTC Bounce a Tactical Short-Bloomberg Statergists Makes a Point! appeared first on Coinpedia Fintech News
Bitcoin price after achieving levels beyond $25,000 for a while is facing a massive pullback which is believed to prevail until the day’s close. The bears have mounted enough pressure, yet the bulls may hold the price strong above $24,500 and push the price toward the edge of the consolidation.
However, the BTC price is believed to get influenced by a couple of events lined up with the crypto space and hence the price may remain volatile for the next couple of days.
Trading View
The BTC price as displayed above is trading within a rising wedge, which is usually considered as bearish as a notable pullback may be expected. The price has been attempting to rise over the resistance for the past couple of days.
However, the rally is failing to do so but sticking just below the resistance. If the bulls get exhausted at this time, the price is believed to witness a steep drop toward the interim support below $24,000.
However, the incoming trend may have a major impact as the FOMC MoM is scheduled to happen soon which may have a major impact on the BTC price. Bloomberg strategist, Mike McGlone shared his thoughts and says that he is quite bullish on Bitcoin in the long term, but a fine bounce towards the resistance may favor ‘tactical shorts’
Hollow Rally or Enduring Recovery? Bitcoin $25,000 vs. the Fed – #Cryptos have never faced a US recession, #Fed tightening and the #Bitcoin 50-week moving average below the 200-wk. My long-term bias is quite bullish, but the 1Q bounce to good resistance may favor tactical shorts pic.twitter.com/7bgmwf1D5A
— Mike McGlone (@mikemcglone11) February 21, 2023
The analyst here sheds light on the bullish implications of Bitcoin. He says that Bitcoin’s 50-week moving average has never crossed below its 200-week level amid the FED’s tightening. Moreover, the crypto markets have bounced whenever they tested the interim resistance at $25,000.
Explaining the FED impact on the BTC price he says :
“Swift snap-backs are typical of bear markets and if Bitcoin can sustain above $25,000, it would signal divergent strength vs central-bank vigilance, an impending US recession and potentially the stock market rolling over. At some point risk assets will bottom, but with the Fed still tightening and most markets bouncing sharply from the last year’s lows, the more tactically oriented responsive sellers may lean towards a ‘prove it’ focus,”
Filed under: Bitcoin - @ February 21, 2023 1:05 pm