“Tactical Shorts” Alert for BTC from McGlone
Mike McGlone, senior strategist at Bloomberg Intelligence, warned that Bitcoin’s recent recovery towards resistance around $25,000 could favor “tactical shorts.” McGlone said that the digital asset is battling against the Fed’s tightening policy and entering an economic zone that has never been seen before.
The analyst also pointed out that the asset’s 50-week moving average fell below its 200-week moving average for the first time in its history. But despite this, he still has a positive long-term view of Bitcoin.
Meanwhile, investors continue to perceive Bitcoin as a risk asset. As a result, the market remains open to reactions from the Fed’s tightening policies that could make investors risk-averse.
In a note added to his tweet, McGlone pointed to the $25,000 price point as an important level for Bitcoin. According to the analyst, if the price can hold above that, it will represent a recovery for crypto and other equity markets.
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