Bitcoin Price News: The back to back horrific collapse of crypto friendly U.S. banks jolted the digital asset industry over the last week. The crypto market is back on track as Bitcoin (BTC) surges to trade near to $28K price level. However, a Bloomberg Senior Strategist stated that Bitcoin price is showing strength while the traditional market is printing red indexes.
Bitcoin To Trade Like Treasury Long Bond?
Bitcoin has managed to decouple from the global traditional market as it registered a price surge of a massive 36% over the past 7 days.
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence mentioned that amid the banking crisis, BTC may be progressing to trade more like U.S. Treasury long bonds and gold. This might happen as banks may face stress on the back of the bond price collapse.
Senior Strategist highlighted that Bitcoin sustaining above the $25K resistance level provides a clear sign of divergent strength. BTC is trading at an average price of $27,513, at the press time.
Being optimistic, he stated that his long term view for crypto is bullish. Recovering gold rates and treasury bonds can be the companion in Bitcoin amid the near headwinds of declining risk assets ahead of a standing recession.
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