Is Bitcoin Price In A Bull Trap? Bloomberg Sr. Strategist Predicts What’s Next

Read full article at Coingape.

Bitcoin Price News: The back to back horrific collapse of crypto friendly U.S. banks jolted the digital asset industry over the last week. The crypto market is back on track as Bitcoin (BTC) surges to trade near to $28K price level. However, a Bloomberg Senior Strategist stated that Bitcoin price is showing strength while the traditional market is printing red indexes.

Bitcoin To Trade Like Treasury Long Bond?

Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence mentioned that amid the banking crisis, Bitcoin may be progressing to trade more like U.S. Treasury long bonds and gold. This might happen as banks may face stress on the back of the bond price collapse.

Bitcoin price has managed to decouple from the global traditional market as it registered a surge of a massive 36% over the past 7 days.

Senior Strategist in a Tweet highlighted that Bitcoin sustaining above the $25K resistance level provides a clear sign of divergent strength. BTC is trading at an average price of $27,513, at the press time.

Being optimistic, he stated that his long term view for crypto is bullish. Recovering gold rates and treasury bonds can be the companion in Bitcoin amid the near headwinds of declining risk assets ahead of a standing recession.

Bitcoin price To Reach $1 Million In Next 90 Days? Also Read

The post Is Bitcoin Price In A Bull Trap? Bloomberg Sr. Strategist Predicts What’s Next appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Litecoin Soars 10%, Bitcoin Sustains $20K (Market Watch)

Read full article at CryptoPotato.After being rejected at $21,000, bitcoin slumped to $20,000 but has managed to defend that level. Most altcoins are deep in the red, with massive daily losses evident from Dogecoin, Shiba Inu, and Avalanche. Bitcoin Stalls at $20K After the positive last week, which resulted in bitcoin surging from under $19,000 […]

Learn More

CoinFlex CEO: Restoring Withdrawals Could Take More Time Than Expected

Read full article at CryptoPotato.Crypto derivatives exchange CoinFlex is unlikely to restore withdrawal services on its platform on Thursday as promised by CEO Mark Lamb on Monday. Speaking to CNBC, Lamb clarified that the company needs more time to fix the liquidity crisis arising out of a $47-million negative equity of a customer – Roger […]

Learn More

Ethereum Approach 500% Gain In 2021 As Crypto Market Cap Surge Above $2.5 Trillion

Read full article at newsbtc.After hitting its new ATH of $4350, Ethereum price was up approximately 7.9% on Wednesday, May 12, 2021, and trading around $4,291 at the time of reporting according to TradingView. ETH Price Push Up Crypto Market Cap The second-largest cryptocurrency shattered its previous all-time high of $4,000 on May 10, en […]

Learn More
Facebook
Facebook
LinkedIn
LinkedIn