Bloomberg Intelligence Senior Macro Strategist Mike McGlone has cautioned that Bitcoin’s latest bounce to resistance at $25k may favor what he describes as “tactical shorts.”
McGlone expressed this in a tweet today, noting that the asset was battling the Fed’s tightening policy and has ventured into previously unexplored economic territory. As highlighted by the analyst, for the first time in its history, the asset’s 50-week moving average has crossed below the 200-week moving average. However, despite this, the analyst reveals that he maintains a long-term bullish outlook on Bitcoin.
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