On May 20, we saw a massive sell-off across all asset classes, leaving investors with few options to escape the carnage as inflation and interest rate fears continue to rise.
Data from CoinCu shows that Bitcoin (BTC) price is trading at around $29,000, and investors are worried that a loss of this level could lead it to drop to $20,000 in the coming week.
Based on its previous price behavior following a death cross, some analysts predict that BTC might fall to $22,700.
The put/call ratio for BTC open interest, which hit a 12-month high of 0.72 on May 18 according to cryptocurrency research firm Delphi Digital, is further evidence of traders’ subdued expectations.
“A high put/call ratio indicates that investors are speculating whether Bitcoin will continue to sell off, or it could mean investors are hedging their portfolios against a downward move.” – Delphi Digital.
The S&P 500 lost 1.62% on May 20, marking a more than 20% drop from its all-time high in January 2022 and fueling recession fears. The index is currently closing at 3900, which is the same as it opened on May 19; a bear market is still lurking if next week this level continues to fall.
Nasdaq Composite and Dow are also facing negative signals when the intraday trading level is not significant.
Altcoins also suffered a sharp sell-off as BTC, Ethereum (ETH), and stocks fell, in contrast to the gains seen yesterday (May 19).
The overall crypto market capitalization is currently $1.248 trillion, and Bitcoin dominance is at 44%.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…
Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…
The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
This website uses cookies.