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Bitcoin price (BTC) continues to dance on the abyss, stock market has no effect



 Bitcoin remains vulnerable

As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD started the weekend with a tumble below $28,700, but has since caught up to almost $500.


Compared to the daily high of $30,700 from the previous day, this is a minus of 4.7%, which at the time of going to press banishes the market-leading cryptocurrency relatively well into the existing price range.


Even the strong weekly close on the stock market couldn't help the crypto market, so the S&P 500 was able to gain again late Friday. Nevertheless, the important share index is still almost 20% behind the high for the year.



“And another crazy day in the stock market. The Dow Jones first went down 500, then caught up and closed at +8,” crypto trader Blockchain Backers summarizes the recent developments . To that end, he adds:


“Bitcoin meanwhile is still dancing on the abyss.”


The crypto analyst PlanC believes that the external forces could ultimately ensure that Bitcoin cannot last much longer in the current regions.


“If the crypto market is in a speculative bubble, then I would predict $25,000-$27,000 as the bottom, but there is a medium chance that macro forces will take us further down to $22,000-$24,000. In the worst case, we crash to $15,000-$20,000,” the expert tweeted .


The US Dollar Index (DXY), meanwhile, is beginning to bounce back after a sharp slide from a recent 20-year high .


Worst month ever?

How mixed the situation for Bitcoin is at the moment can be seen, among other things, from the fact that BTC/USD is in danger of having the weakest May ever in terms of monthly returns.


According to data from crypto market research institute Coinglass , the relative gain so far is a weak -22% for Bitcoin, only May 2021 was even worse at -35%.


Such weakness would absolutely fit the picture, because combined, the year 2022 has so far represented the worst first five months of a year since 2018.

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