Bloomberg analyst Mike McGlone said that Bitcoin is at a crossroads.
Bitcoin value dropped to $29,232 today, the lowest level since May 29. The leading cryptocurrency is preparing to end another week in the red by expanding its record-breaking bearish chart.
McGlone stated that the Fed continues its bold stance and this is a prime point of resistance for the crypto market.
Inflection Points: #Bitcoin at $30,000 vs. #Nasdaq at 13,000 – An emboldened #FederalReserve fighting inflation, despite an almost 30% drawdown in the Nasdaq 100 Stock Index, is a primary headwind for Bitcoin and the crypto market at the start of June. pic.twitter.com/ul1jlKt6Rx
— Mike McGlone (@mikemcglone11) June 3, 2022
Fed increased by 50 basis points in June and signaled that a rate hike might be expected in the coming period.
Considering that the inflation target is 2%, it does not seem possible for the Fed to abandon this policy for now.
McGlone stated in February that Bitcoin has come a long way to reach the $100,000 level.
