NewsletterBitcoin, Ethereum Eye Major Pullback Risk, Tips Bloomberg Analyst
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 crypto dropped by around 9% in the last 7 days to lose the crucial $30 price level. As the market trades in increased uncertainty, Bloomberg analyst hints major pullback ahead.
Also Read: SEC Caused Untold Harm To US; Coinbase CEO After MiCA Approval
Bitcoin Price To Decline More Ahead
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence stated Bitcoin (BTC) and Ethereum (ETH) may be running into a wall of resistance ahead. However, Bitcoin price went surged over the $30K level to encounter multiple resistance. Same with ETH, the second largest crypto price breached the $2K level but faced multiple resistances there.
Bloomberg Analyst is still bullish on the biggest of the cryptos in the long term. Meanwhile, a force generated by the dropping stock market in accordance with the tightening Federal Reserve policies leading to recession holds the potential to lower the tide for all the risk assets. He marks Bitcoin and Ethereum among the riskiest assets.
As per the data, $30,000 and $2,000 have been pivotal points for Bitcoin and Ethereum, respectively. McGlone mentioned that the diminishing supply and low and increasing adoption make the bullish case in the long term. However, growing consensus shows that worse is over ahead of a U.S. recession. It is indicated by the yield curve at the highest probability since 1982.
Also Read: Nasdaq-Listed Bitcoin Mining Company Buying Miners Worth Millions
Bitcoin price is down by around 8% in the last 7 days. BTC is trading at an average price of $28,127, at the press time. Its 24 hour trading volume is down by over 2% to stand at $20 billion. While Ethereum price declined by 9% over the past 7 days. ETH is trading at an average price of $1,910, at the press time.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- U.S. Senate Hits the Pause Button on Crypto Market Structure Bill, Why the Delay Again?
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
