Bloomberg Analyst McGlone Warns: Bitcoin Rally Is a "Selling Opportunity"

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said Monday that Bitcoin's rally is a selling opportunity, as the 30-year U.S. Treasury yield touched its highest level since 2007.

In a post on X, McGlone said Bitcoin has entered a bear market, with knock-on effects on other risk assets. "Welcome to volatility season," he wrote, adding that the current rebound "may be a good opportunity to sell."

Why High Treasury Yields Are a Headwind for Bitcoin?

Maturity Yield Notes

30-year 5.31%, easing to 5.23% Highest since 2007

20-year 5.20% —

10-year 4.69% Holding steady

30-year real yield 2.95% Inflation-adjusted

10-year real yield 2.35% Inflation-adjusted

High bond yields offer substantial returns via government-backed securities, directly competing with Bitcoin and gold, while also raising borrowing costs, reducing liquidity, and increasing the discount rate applied to long-duration assets that generate no yield or interest.

Why McGlone Is Cautious on Broader Market Risks

McGlone extended his warning beyond crypto, noting that the total U.S. market capitalization has reached roughly 2.5 times GDP and 2.1 times publicly held debt—levels he called multi-decade extremes, suggesting the stock market has become the economy itself.

He also noted that the S&P 500's 260-day volatility reading is about half of gold's corresponding level—the lowest relative reading since 2007.

Meanwhile, gold's 200-day moving average is trending lower, which McGlone called another potential "domino falling," as rising yields pressure all non-yielding assets.

Bitcoin Price Prediction: Technical Analysis

BTC has touched $79,700 for the third time since last week's explosive 24% gain.

The relative strength index stands at 58.63, showing bearish divergence as price makes new highs while momentum fails to confirm, and the MACD histogram is contracting after a second peak.

Key BTC Levels:

$79,700 — Resistance

$76,700 — First support

$75,300 — Second support