February 22, 2024

Bitcoin Ends the Week While on the Edge with S&P 500 Entering the Bear Market

The Price of Bitcoin Shows Dull Stock Exchange Performances

According to reports, the value of BTC/USD has been trading at under $28,700 as the weekend began. This was supported by information from Market Pro, the Cointelegraph as well as TradingView. About $500 was subsequently added to the trade.

The pair had an air of being rangebound as of press time. It had gone down by about 4.7% from the $30,700 high where it was on Friday. There was volatility in the United States stock market report as the market closed on Friday.

The S&P 500 futures managed to get a reversal up following an initial fall at the beginning. Nevertheless, it confirmed a trend of the bearish market as it traded at 20% lower than its high point of 2021.

A Twitter user, Blockchain Backers, took to the micro-blogging app to air their view about the general market. They said it was just a “wacky day” in the equity market. They further reported the event of the Dow Jones 500 that recovered its losses and closed the day +8.

Bitcoin is Still Merely Staggering on the Edges

According to Cointelegraph’s report, a lot of actors have called for the fall of Bitcoin. They want it to reoccur in the manner as what was seen last week in the capitulation.

In a continuation of the conservative wider perspective, a Twitter user, PlanC also added their opinion. They stated that the external changes might still pull Bitcoin lower significantly from present heights.

They said if the cryptocurrency market was experiencing a bubble, Bitcoin’s bottom could be at 25,000 to 27.500. However, they said there is a fair likelihood that wider factors drag the market lower to 22,000 to 24,000. With that, the black swan event of 15,000 to 20,000 becomes a high possibility.

Beyond the stock market, the US Dollar index hit a conciliatory note. It consolidated after experiencing a solid retracement from a 20-year high point.

The Month of May Gunning for the Worse Recorded

As the month is drawing to a close, BTC/USD is at risk of having the month as its worst. This is with regard to the volume of returns it has in its history of records.

Reports from Coinglass, an on-chain analytics platform, have the month-to-date returns for Bitcoin at -22%. It accounts for the biggest retreat seen in previous years safe for 2021 which was at -35%. 

So far, 2022 has recorded the worst first five months for Bitcoin. The only year beneath it in the early months of poor performance is 2018.    

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