[ad_1]
At a time when the spot Bitcoin ETF mania is gripping the crypto market, the Bitcoin (BTC) price continues to remain in the relatively weaker zone. However, analysts predict that a show of strength around certain price points could mean the cryptocurrency has underlying recovery strength.
Also Read: Binance Executives Exodus Creates Opportunity For Law Enforcement, Says Ex-SEC Official
Bloomberg Strategist Predicts Key Level For BTC Recovery
Bitcoin continues to predominantly remain at the below the $26,000 level over the last 30 days whereas the cryptocurrency lacks support below the $25,400 mark. In this context, Mike McGlone, senior macro strategist at Bloomberg, said that with the momentum metric pointing downwards, it would take Bitcoin a strong reversal trend to get back to bullish ways. “Our bias is to respect the trend until proven otherwise.”
McGlone explained that BTC sustaining above the 100 week mean just over $30,000 would indicate recovery strength. Owing to the recent Court judgment granting Grayscale‘s motion for conversion of its Bitcoin Trust into a spot Bitcoin ETF, the BTC price saw a sharp spike. However, it was only short lived after the US SEC delayed the decision on the Bitcoin ETF applications by the likes of Blackrock, Bitwise and Fidelity.
Also Read: ETH Price $1,630 Support On The Line, Time To Buy Or Sell Ether?
✓ Share:
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
[ad_2]
