Was Bitcoin’s Rise a Tactical Short Move? Bloomberg Analyst Answered

bitcoin Concerns are growing over whether the uptrend will continue as it struggles with an important resistance level in the $25,000 band.

in bitcoin Is the recent spike a tactical move for the bears to accumulate more shorts? While the questions waiting to be answered are whether it constitutes the first leg of a permanent rise, Bloomberg senior commodity strategist Mike McGlone shared his own expectation.

“During the Fed tightening, Bitcoin’s 50-week moving average never dropped below its 200-week moving average, and we’ve now seen a jump to $25,000 in crypto with it.

Such quick returns are typical of bear markets. However, if Bitcoin persists above $25,000, it will signal a serious reaction and strong stance to the moves of the Fed, the recession in the US and the possible collapse in the US stock markets.

Considering that the Fed’s tightening process continues, tactical sellers may ask the market to prove its strength.

Cryptocurrencies are among the riskiest assets. If Bitcoin stays above $25,000, it signals a recovery for most markets, not just crypto.”