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Bitcoin, which has made a strong start to October, will follow a lot of economic data from the USA this week.
While the USA will announce the Consumer Price Index (CPI) and Producer Price Index (PPI) data for September, the FED will publish the minutes of the September meeting.
At this point, while investors were wondering how Bitcoin would react to the FED's messages in the minutes and inflation data, Bloomberg senior commodity strategist Mike McGlone made a bearish comment for BTC.
Evaluating the impact of the recent tension between Hamas and Israel on Bitcoin, Mike McGlone said that with this tension, BTC showed a tendency to escape risk.
Analyzing the BTC chart, McGlone said he believes that the downward sloping 100-week moving average is more likely to prevail over the upward 50-week moving average.
At this point, the Bloomberg analyst, who expects a decline in Bitcoin, believes that the long-term downward trend will win, stating that investors do not buy the risk in Bitcoin.
“Bitcoin is showing a risk-off trend following the Hamas-Israel tension.
My feeling is that the downward-sloping 100-week moving average is likely to win the battle against the upward-sloping 50-week moving average.
“In addition, the sudden rise in crude oil prices puts pressure on liquidity in the market.”
Bitcoin is trading at $27,462, down 1.3% in the last 24 hours.
#Bitcoin showing risk off tilt in the aftermath of Hamas-Israel escalation. My bias is the downward sloping 100-week moving average is likely to win the battle vs. the up trending 50-week. Spiking #crudeoil is a liquidity pressure factor. @BBGIntelligence pic.twitter.com/UYDcqc03Z2
— Mike McGlone (@mikemcglone11) October 8, 2023
*This is not investment advice.