Bitcoin trading continues to be lackluster, below $26,000
To emphasize his point, McGlone stated that Federal Funds futures were priced at roughly 5.45% in November, compared to an average of 0.6% from 2011 to 2021, when Bitcoin appreciated from $1 to a peak of almost $69,000. It should be recalled that Bitcoin attained all-time highs of nearly $69,000 in November 2021.
On the probable Bitcoin price direction, McGlone referred to BTC price action before the unprecedented liquidity pump of 2020–2021, whenconsolidated around the $10,000 price floor. He noted that the downside price risks might be leaning toward this foundation, which might imply a period of consolidation before a rise.
According to the Bloomberg expert,"Bitcoin may need to show relative strength for us to tilt towards the big picture of limited supply and increasing adoption for the digital asset."its decision to delay all spot ETF decisions until October, Bitcoin's trading has been lackluster and continues to be so at press time.
The biggest cryptocurrency by market capitalization, Bitcoin, is currently marginally up 0.20% in the last 24 hours to trade at $25,682.
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