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Bitcoin Ends “On the Wire” Week as S&P 500 officially enters Bear Market

Bitcoin Ends "On the Wire" Week as S&P 500 officially enters Bear Market

Bitcoin (BTC) struggled to recover its latest losses on May 21 after Wall Street offered no relief.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

BTC price indicates scarce stock performance

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was trading below $ 28,700 over the weekend, before rising to around $ 500.

A decrease of 4.7% from the previous day’s high of $ 30,700, the pair appeared to be firmly anchored in the range at the time of writing of this report, following a volatile closing trading day by US stock indices. .

However, the S&P 500, which managed a recession after an initial opening collapse, confirmed bearish market trends, trading 20% ​​below last year’s highs.

The S&P 500 has officially entered the pic.twitter.com/N1lrcBdziT bear market
– Fintwit (@fintwit_news) May 20, 2022

“Another crazy day in the stock market. -500 for the Dow at the start of the day that wins everything and closes at +8,” he said. said the well-known Twitter account Blockchain Backers about the performance of the wider US market.

“Bitcoin is still teetering on the sidelines”.

As Cointelegraph reported, various sources were calling for bitcoin to fall again in a similar way to last week’s sale event.

Following the conservative macro outlook, PlanC, another Twitter commentator, argued that external changes could still push bitcoin down significantly from current levels.

“If the crypto market were in a bubble, I would say that the $ 25,000- $ 27,500 range is the lowest level for bitcoin, but there is a good chance that macro factors will push us towards the $ 22,000 level. At $ 24,000. Significant black swan, will have a potential between $ 15,000 and $ 20,000, ”reads a tweet of the day.

Looking beyond equities, the consolidated US dollar (DXY) index has declined sharply from a 20 – year high.

1 hour candlestick chart of the US Dollar Index (DXY). Source: Trade View

May 2021 contestants will be for the worst performance

Ten days from the end of the month, the BTC / USD pair is likely to see May 2022 as the worst month in terms of returns in its history.

See also: Bitcoin Must Protect These Price Levels to Avoid a ‘Much Deeper’ Fall: Analysis

Data from Coinglass’s chain analysis resource showed month – to – date returns totaling -22% for bitcoin, the largest withdrawal in one year at just -35% of 2021.

In 2022, the aggregate numbers confirmed that this is the first five months of the worst year since 2018 for bitcoin.

Chart of monthly returns for the BTC / USD pair (screen). Source: Coinglass

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and every trading operation involves risk, you should do your own research before making a decision.

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