After the Bank of Japan (BOJ) announced a surprising turnaround in its monetary policy today, the Bitcoin price managed to rise near the important resistance level of $16,900. The BOJ announced that it will drastically widen its yield curve control band to 0.50%. At the same time, it announced that it will significantly increase the number of government bonds it will buy each month.
According to Bloomberg senior commodities analyst Mike McGlone, this trend could continue. McGlone shared his insights via Twitter and said that a “warm spell” is ahead for Bitcoin.
As the analyst notes, BTC has taken a beating as a risk asset in 2022 with most other cryptocurrencies, but “appears poised to resume its inclination to outperform.” This will happen when the U.S. Federal Reserve eases monetary policy and completes its pivot.
Bitcoin Is Set To Outperform When…
According to the chart from a Bloomberg Intelligence report, the levels that BTC and the Nasdaq 100 stock index have been resis
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