Mike McGlone, senior macro strategist at Bloomberg Intelligence, has expressed his bearish stance on Bitcoin despite its strong performance in the first half of the year.
McGlone believes that Bitcoin is in a poor technical position as it continues to decline, even with the recent strength of the stock market. He suggests that Bitcoin's rally above $30,000 could be seen as an overextended bounce within a macro bear winter, and that the second half of the year could be difficult for crypto assets and equities due to the Federal Reserve's path of increasing interest rates. Bitcoin is currently trading at $25,849, down over 2% in the last 24 hours.
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