Bitcoin (BTC) has remained stable around the $26,000 mark after Federal Reserve Chair Jerome Powell’s recent speech. Powell reiterated the central bank’s commitment to a 2% inflation target, sparking discussions about the potential impact on BTC’s price. Bloomberg’s Senior Macro Strategist, Mike McGlone, predicts a potential decline in Bitcoin’s price during an economic recession, with a possible trading range of $10,000 to $7,500. He points out that Bitcoin’s 100-week moving average is trending downward, indicating a negative market trend. Powell’s mention of Federal Reserve interest rate hikes adds to concerns about BTC’s macro outlook. However, McGlone sees Bitcoin as a revolutionary technology with long-term growth potential. The U.S. Dollar Index (DXY) has been trending upward, losing its correlation with BTC, which raises concerns for the leading cryptocurrency. If the DXY surpasses resistance levels, it could pressure BTC and disrupt its bullish trend. Bitcoin is currently trading at $25,900, and reclaiming the $26,000 threshold is crucial to prevent further declines.
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