<meta name="description" content="Bitcoin and Ethereum could be facing resistance at $30,000 and $2,000, with the potential for a stock market downturn.">
Bitcoin and Ethereum have had a pivotal status since 2020, with definable diminishing supply and low but increasing adoption making a strong case for long-term bullishness.
McGlone tweeted: “Bitcoin and Ethereum — may be running into a wall of resistance at the key round number levels of $30,000 and $2,000. Our bias is bullish in the long term for the top cryptos, but an overwhelming force of the stock market going down with the Fed tightening into a recession has the potential to lower the tide for all risk assets, and Bitcoin and Ethereum are among the riskiest.”
Bitcoin and Ethereum are among high-risk assets. Source: Mike McGlone
Bitcoin and Ethereum
Despite the impressive performance of these digital assets and surpassing key price levels of $30,000 and $2,000 in April, both have experienced significant pullbacks in the last week. At present, Bitcoin is trading at $28,077, down 1.88% on the day and 8.91% over the previous week. Meanwhile, Ethereum, the second-largest asset by market cap, is currently trading at $1,908, down 1.75% in the last 24 hours and 9.86% in the last week.
While Bitcoin and Ethereum’s recent pullbacks may cause temporary concern, their overall upward trend and potential for long-term growth remain. Investors should remain vigilant of potential downside risks, especially in light of broader market conditions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read more cryptocurrency news on Finbold.com.