"US Federal Reserve Retreats from Rate Cuts... Bitcoin (BTC) May Struggle to Turn $100,000 into Support"
Summary
- Mike McGlone predicted that the retreat from rate cuts by the Federal Reserve will make it difficult for Bitcoin (BTC) to turn the $100,000 resistance level into support.
- $100,000 is a strong resistance level for Bitcoin, and surpassing it could indicate its role as a store of value.
- Bitcoin is currently trading at $100,328.27 on the Binance Tether market.
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, stated on the 16th (local time) via his X (formerly Twitter) account, "Due to changes in the macroeconomic situation and concerns that the US Federal Reserve will cut rates less than expected this year, Bitcoin (BTC) may not be able to turn the $100,000 resistance level into support."
He added, "I think $100,000 is a strong resistance level for Bitcoin," and "If Bitcoin maintains a price above $100,000, it could suggest that the virtual asset (cryptocurrency) acts as a store of value like gold, rather than a tech stock exposed to risk."
Meanwhile, BTC is trading at $100,328.27, up 0.57% from the previous day, based on the Binance Tether (USDT) market as of 05:05 on the 17th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
