Bitcoin price is trading around $29,500, not motivated enough to surpass $30,000

Down 20% from its most recent peak, the S&P 500 has almost officially entered a bear market, a warning sign for risk assets everywhere. As AZCoin News reported, there is a correlation between the stock market and crypto, so today’s Bitcoin price is also falling along with the traditional market. At the time of writing, BTC is changing hands at $29,281.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price has struggled to recover from its most recent losses after Wall Street stock trading continued to decline

BTC/USD trading fell below $28,700 over the weekend, then rallied around $500. Down 4.7% from the previous day’s high of $30,700, the pair looks stable in a tight range as US stock indexes witness a volatile trading day for the week.

The S&P 500 index managed to reverse its downward trend at the open but confirmed a bear market bias, trading 20% ​​below last year’s high.

Various sources have predicted Bitcoin to fall again in a similar fashion to last week’s speculative event. Continuing the cautious macro outlook, Twitter commentator PlanC argues that external changes could still cause Bitcoin to drop significantly from current levels.

If the crypto market is in a bubble, $25,000 to $27,500 is Bitcoin’s bottom, but there is a chance that macro factors will drag us down to $22,000 – $24,000.

With just ten days to go until the end of the month, BTC/USD risks making May 2022 the worst return in its history. According to Coinglass, monthly returns now total -22% for Bitcoin, the most significant drop in any year except 2021 at -35%. 2022, the collective metrics confirm, is also the worst-performing first five months of the year for Bitcoin since 2018.

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