According to CryptoPotato, Bloomberg Intelligence analyst Mike McGlone believes that the approval of the first Bitcoin spot ETF in the United States is inevitable, but warns that the Federal Reserve's tightening policies could create downside pressure for both Bitcoin and stocks. McGlone notes that the Fed is still tightening despite the tilt toward economic contraction, which could signal the start of a next price move for risk assets, including Bitcoin. Last week, Fed chairman Jerome Powell reiterated the Fed's commitment to curbing inflation back down to 2%, despite some economists suggesting a 3% target may be more appropriate. Powell's comments led to the market pricing in a small likelihood of an additional rate hike this year, with rate cuts not expected until June 2024. This could be bad news for the crypto market, which has followed the Fed's easing and tightening cycles in 2021 and 2022. Bitcoin is still recovering from a breakdown to $25,000 earlier this month, but has seen some recovery after Grayscale secured a legal victory against the Securities and Exchange Commission (SEC), which deemed the SEC's justification for denying Grayscale's spot ETF application as unreasonable. McGlone identifies $30,000 as a key pivot level for Bitcoin, which could indicate a reversal upward if reached. At the time of writing, Bitcoin trades for $27,200. The analyst compares this level to the $12,000 level in the second half of 2020, which, once surpassed, led to a major rally to $64,000 in April 2021. However, McGlone points out that a key difference this time is unfavorable liquidity, as most central banks are still tightening and elevating rollover risks in the stock market.