Bitcoin (BTC) is replacing gold even as United States’ regulators attempt to disrupt its advance, said Mike McGlone of Bloomberg Intelligence on Monday. The senior commodity market strategist credited the “digitization of money and finance” behind the Bitcoin market’s superior growth against gold, noting that the same factors helped the U.S. dollar gain dominance “rapidly and organically” over the precious metal. McGlone’s comments appeared as takeaways from a recent three-day conference at New Hampshire’s Bretton Woods hotel, which was attended by economists, macro analysts and investors, including Fidelity Investment’s Jurrien Timmer and Morgan Stanley’s Amy Oldenburg, among others. Bretton Woods …
The Bitcoin (BTC) market bias stands divided on how to interpret the BTC price crash this week, wherein the pair lost more than 35% of its value at one point on Wednesday, crashing to as deep as $30,000 on Coinbase. Global media outlets attributed the plunge to China reiterating its anti-crypto business stance and Tesla suddenly discontinuing Bitcoin payments for its electric vehicles. Nikolaos Panigirtzoglou, managing director for global market strategy at JP Morgan, further noted an ongoing decline in the capital that flows into publicly listed Bitcoin funds. He suspected a rotational investment setup, wherein institutional investors were winding …
Bitcoin (BTC) prices broke below a long-standing support wave that was instrumental in keeping its strong bullish bias intact after March 2020's crypto market crash. Dubbed the 50-week simple moving average, or 50-week SMA, the wave represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles. For instance, the 50-week SMA acted as support during the 2018 bear market. The wave helped prevent Bitcoin from undergoing deeper downtrends — between February 2018 and May …
Bitcoin (BTC) reversed recent gains to lose 1.5% on April 6 as bulls were kept frustrated with no sign of an attack on all-time highs Bitcoin will "likely" squash $60,000 resistance Cointelegraph Markets Pro and TradingView showed local lows of $57,340 hitting during Tuesday after another failed attempt at tackling $60,000 resistance. Despite being a matter of thousands of dollars away from all-time highs of $61,700, BTC/USD has been unable to drive sellers away for good. While thinning out, the last band of resistance has remained in place. This slowdown in the 2020–2021 bull market has alarmed some, but professional …
Bitcoin (BTC) will only stop gaining in value if “something unexpected” stops it, Bloomberg researchers believe. Tweeting a summary of the latest Bloomberg Intelligence Commodity Primer on Aug. 19, senior strategist Mike McGlone revealed a clear bullish stance on BTC. Bloomberg: BTC price will keep appreciating Bitcoin has reentered mainstream consciousness in recent weeks thanks to price rises which topped out at over one-year highs of $12,400. Despite a modest pullback, gains have broadly been retained, and analysts are confident that trajectory remains skewed to the upside beyond the immediate short term. “Something unexpected needs to happen for Bitcoin's price …