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The collapse of several US technology banks shocked the global market. However, Bloomberg Intelligence senior strategist Mike McGlone appears to be positive about the short-term outlook for the flagship crypto asset. The expert emphasized that under the current conditions, the yield of corporate bonds will be shaken, which will play into the hands of bitcoin.
Mike McGlone noted that Bitcoin is confidently holding above the $25,000 target. This suggests that buyers dominate the market, and therefore Bitcoin is very likely to be in a state of local bullrunning. Well-known cryptanalyst Michael van de Poppe also expects further development of the upward trend.
The expert emphasized that in the near future Bitcoin will go to retest the key resistance level of $29,000. But, according to the analyst, it will be necessary to closely monitor the price reaction to the $28,000 mark. It is also worth considering that the next meeting of the Federal System will take place next week.
Previously, everything went to the fact that the department would continue to adhere to a tight monetary policy, and this would result in an increase in the refinancing rate by 0.5%. However, there is a clear crisis in the US banking sector, while the local labor market is no longer showing the stability it used to be.
According to experts, this state of affairs will force the Fed to act less radically. Markets are laying a high probability that following the new Fed summit, the refinancing rate will be increased by no more than 25 basis points.
In the past, the editors of Crypto.ru informed: Congressman Tom Emmer sent a letter to the FDIC, in which he accused the department’s leadership of being biased towards the digital currency segment. Emmer also believes that the banking regulator acts primarily for political reasons.
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