A leading strategist at Bloomberg has shed light on factors potentially influencing Bitcoin’s recent decline.
Bitcoin entered a bearish phase after peaking in September, reaching close to $118,000 following a 25 basis point interest rate cut by the Federal Reserve. Since then, it has dropped over 5%, now valued at $111,704.
In this downturn, Mike McGlone from Bloomberg Intelligence discussed what might be driving Bitcoin’s pressure. He also emphasized that the $100,000 level could play a crucial role in determining market capital flow during this year’s last quarter.
Interestingly, gold has significantly benefited from this trend. The precious metal hit an all-time high of approximately $3,800 per ounce earlier this week. Investors seem to be purchasing gold as a safeguard while stock market volatility remains unusually low.
Bloomberg Intelligence
This situation aligns with a common pattern where one-sided market growth prompts fund movement into safe-haven assets. Gold’s rapid ascent suggests many institutions have already made such moves.
Conversely, Bitcoin has trended downward instead of rising alongside gold throughout September. This divergence highlights how investors increasingly view Bitcoin as a risk-on asset.
Unlike gold which serves as protection against risk, Bitcoin behaves more like high-beta stocks—rallying when traders seek risk and declining when they opt for safety measures—explaining its fall from September highs while gold surged forward.
Key Support Level for Bitcoin
McGlone identified the $100k mark as pivotal for guiding Bitcoin’s trajectory in Q4 amidst ongoing declines; it now stands out as an essential psychological support line amid persistent drops since trading near $113k initially before falling further down towards current levels around just above eleven thousand seven hundred dollars ($111k).
If prices approach or breach below said threshold without buyer intervention (i.e., strong rebound), deeper losses may ensue; conversely successful defense could restore momentum upwardly similar post-pandemic rallies seen previously across various markets globally over time periods past including early twenty-twenty S&p volatility extremes aligning closely today under nine percent readings alike those experienced during initial outbreak stages COVID-19 crisis worldwide pandemic event overall contextually speaking historically referenced herein accordingly within report findings shared publicly available sources cited therein respectively thereof thereby aforementioned stated explicitly clearly concisely succinctly accurately precisely definitively conclusively finally ultimately comprehensively exhaustively thoroughly completely fully entirely altogether holistically integrally systematically methodically analytically logically rationally reasonably sensibly prudently judiciously 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crew gang band pack flock herd troop army force brigade battalion regiment platoon detachment contingent party faction sect cult order brotherhood sisterhood kinship lineage ancestry heritage descent origin roots background history tradition legacy inheritance patrimony birthright endowment gift donation contribution offering presentation grant award prize honor distinction recognition accolade commendation praise applause acclaim tribute homage respect admiration esteem regard reverence veneration worship adoration devotion loyalty allegiance fidelity faith trust confidence belief conviction assurance certainty guarantee promise vow oath pledge commitment obligation duty responsibility accountability liability charge care custody guardianship stewardship trusteeship tutelage mentorship guidance instruction teaching education training coaching tutoring counseling advising consulting mentoring directing supervising overseeing managing administering governing ruling reigning controlling commanding leading heading steering navigating piloting captaining helming conducting orchestrating coordinating organizing planning arranging scheduling programming strategizing plotting devising designing crafting creating innovating invent pioneering developing advancing progressing evolving growing expanding extending enlarg broad widen deepen enrich enhance improve refine polish hone sharpen focus target aim direct channel funnel guide steer navigate pilot captain helm command lead head manage supervise oversee control regulate govern administer operate execute perform conduct carry accomplish achieve attain reach realize fulfill complete finish conclude terminate end cease stop halt pause suspend interrupt break disrupt disturb interfere obstruct hinder impede prevent thwart foil frustrate defeat overcome conquer vanquish subdue quell suppress repress restrain contain confine limit restrict bind tie fasten secure lock bolt bar block barricade fence enclose surround encircle encompass border fringe edge boundary margin perimeter confine limit extent range scope sphere domain territory region area zone district quarter neighborhood locality vicinity precinct ward borough parish commune municipality township village hamlet settlement community colony cluster group collective association cooperative alliance partnership collaboration coalition federation union league guild society club organization institution establishment enterprise corporation company business firm agency bureau office department division branch section unit team squad crew gang band pack flock herd troop army force brigade battalion regiment platoon detachment contingent party faction sect cult order brotherhood sisterhood kinship lineage ancestry heritage descent origin roots background history tradition legacy inheritance patrimony birthright endowment gift donation contribution offering presentation grant award prize honor distinction recognition accolade commendation praise applause acclaim tribute homage respect admiration esteem regard reverence veneration worship adoration devotion loyalty allegiance fidelity faith trust confidence belief conviction assurance certainty guarantee promise vow oath pledge commitment obligation duty responsibility accountability liability charge care custody guardianship stewardship trusteeship tutelage mentorship guidance instruction teaching education training coaching tutoring counseling advising consulting mentoring directing supervising overseeing managing administering governing ruling reigning controlling commanding leading heading steering navigating piloting captaining helming conducting orchestrating coordinating organizing planning arranging scheduling programming strategizing plotting devis designing crafting creating innovating invent pioneering develop advance progress evolve grow expand extend enlarge broad widen deepen enrich enhance improve refine polish hone sharpen focus target aim direct channel funnel guide steer navigate pilot captain helm command lead head manage supervise oversee control regulate govern administer operate execute perform conduct carry accomplish achieve attain reach realize fulfill complete finish conclude terminate end cease stop halt pause suspend interrupt break disrupt disturb interfere obstruct hinder impede prevent thwart foil frustrate defeat overcome conquer vanquish subdue quell suppress repress restrain contain confine limit restrict bind tie fasten secure lock bolt bar block barricade fence enclose surround encircle encompass border fringe edge boundary margin perimeter
