Bitcoin to 200-Week MA? Huge Risk Revealed by Bloomberg’s Mike McGlone
The post Bitcoin to 200-Week MA? Huge Risk Revealed by Bloomberg’s Mike McGlone appeared on BitcoinEthereumNews.com.
Maturation implications for Bitcoin on horizon Dogecoin team counters Saylor’s BTC vision Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has published a post on the X social media platform to reveal an ominous prospect that Bitcoin is facing at the moment. He tweeted that Bitcoin is reversing to go toward the 200-week moving average, which may indicate a massive price decline in the future. Maturation implications for Bitcoin on horizon In his tweet, McGlone mentioned that he sees a high chance of unfriendly trends for Bitcoin unraveling soon. On the chart, McGlone says, Bitcoin is reversing toward the 200-week moving average in correlation with the stock market and the S&P 500 Index. The chart also refers to this as a Bitcoin-to-beta correlation, which means that the world’s largest cryptocurrency’s volatility level is increasing, along with that of the S&P. Unfriendly Trends for Bitcoin, Beta May Buoy Gold – Bitcoin’s reversion track toward its 200-week moving average could have maturation implications for the volatile risk asset and underpinnings for gold. Full report on the Bloomberg here: https://t.co/HI3UIYCrmY {BI COMD}… pic.twitter.com/Yra7lBh3RC — Mike McGlone (@mikemcglone11) April 17, 2025 As for the movement toward the 200-week moving average, this level is a key indicator signifying that BTC may potentially hit price bottoms. McGlone tweeted that as Bitcoin is moving in close tandem with the stock market, it is going through “maturation implications.” Meanwhile, as the trade war between the U.S. and China continues, the stock market continues to go down, but gold is rising in price since investors are flocking to it to park their funds in this traditional safe haven asset. Earlier this week, gold futures jumped by 3%, reaching a new all-time high of $3,350 per ounce as the global leader in AI chip-making, Nvidia, stated that it is…
Filed under: News - @ April 17, 2025 7:21 pm