HomeCryptoBitcoinBloomberg report: the price of bitcoin could drop

Bloomberg report: the price of bitcoin could drop

According to a recent report by Bloomberg on the price of bitcoin, the recent rally seems to be losing momentum.

Technical indicators indicate that long-term purchase demand is deteriorating, whereas selling pressure may be intensifying.

Moreover, the MACD (Moving Average Convergence Divergence) indicator has been moving downwards since mid-February.

Since then, on several occasions, the price has tried to stabilize at $4,000 without success, and according to this report, until bitcoin is able to exceed that level, the selling pressure is likely to increase.

Mike McGlone, Bloomberg Intelligence analyst, said:

“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting”.

According to market analyst Mati Greenspan, many investors are focusing their attention on other cryptocurrencies. Greenspan argues that although the 20% bitcoin gain in the last three months is not a poor performance, investors are seeing more potential in some smaller tokens because of their “spectacular gains in the last few weeks”.

For example, ether has gained more than 60% since mid-December, litecoin has increased by nearly 15%, while bitcoin has had to settle for 23%.


Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".