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 <p>Also Read: <strong>Binance Executives Exodus Creates Opportunity For Law Enforcement, Says Ex-SEC Official</strong></p>  
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 <h2 id="bloomberg-strategist-predicts-key-level-for-btc-recovery">Bloomberg Strategist Predicts Key Level For BTC Recovery</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> continues to predominantly remain at the below the $26,000 level over the last 30 days whereas the cryptocurrency lacks support below the $25,400 mark. In this context, Mike McGlone, senior macro strategist at Bloomberg, said that with the momentum metric pointing downwards currently, it would take <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> a strong reversal trend to get back to bullish ways. “Our bias is to respect the trend until proven otherwise.”</p>  
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 <p>McGlone explained that BTC sustaining above the 100 week mean just over $30,000 would indicate recovery strength. Owing to the recent Court judgment granting Grayscale‘s motion for conversion of its <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> Trust into a spot <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> ETF, the BTC price saw a sharp spike on August 29, 2023. However, it was only short lived after the US SEC delayed the decision on the <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> ETF applications by the likes of Blackrock, Bitwise and Fidelity.</p> 
 <h2 id="short-term-macro-impact">Short Term Macro Impact</h2> 
 <p>In the near term, the <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price could witness volatility around the Federal Open Market Committee (FOMC) meeting scheduled for September 19-20, 2023. According to the CME FedWatch Tool, traders foresee a 93% chance of the US Federal Reserve maintaining the current target rate of 525-550 bps. Going by the recent FOMC meetings and the surrounding BTC price movements, there may not be much volatility if the Fed officials announce a no rate hike decision. However, traders would be looking for Fed Chair Jerome Powell’s statement on the forecast for upcoming meetings.</p>  
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-bloomberg-strategist-on-key-recovery-strength-level-tbt61927.html">https://thebittimes.com/btc-price-bloomberg-strategist-on-key-recovery-strength-level-tbt61927.html</a></p>

BTC Price: Bloomberg Strategist On Key Recovery Strength Level

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