Bloomberg Analyst Explains the Reason for Bitcoin's Decline! "This Data Dropped Bitcoin, Raised Gold!"

While the selling pressure on the leading cryptocurrency Bitcoin (BTC) and altcoins continues, there was a major decline last ￰0￱ BTC fell to $109,000, Etheruem (ETH) fell below $4,000 to $3,800. While the reason for this decline is being wondered, Bloomberg Senior Commodity Strategist Mike McGlone analyzed what triggered Bitcoin's ongoing ￰1￱ his analysis shared from his X account, the analyst said that the stagnation in US stocks deepened the decline in ￰2￱ included a chart tracking the 60-day volatility of gold, Bitcoin, and the S&P 500 in his ￰3￱ that, according to the data in the chart, US stocks are going through a recession period, McGlone argued that while this recession has a positive effect on gold, it also contributes to the downward pressure on ￰4￱ Bitcoin has been struggling to combat sharp declines since the beginning of the week, the precious metal gold hit a new record high around $3,800 per ounce earlier this ￰5￱ divergence between Bitcoin and gold suggests that investors are increasingly viewing Bitcoin as a risk-on ￰6￱ is the Critical Level for Bitcoin?

Finally, Mike McGlone stated that the critical level that could drive Bitcoin’s price action in the fourth quarter is $100,000. According to the analyst, this psychological level acts as a crucial support line amidst the BTC price's continuous ￰7￱ suggests that if Bitcoin fails to hold this level, the decline could deepen further. *This is not investment ￰8￱ Reading: Bloomberg Analyst Explains the Reason for Bitcoin's Decline! "This Data Dropped Bitcoin, Raised Gold!"