Bitcoin Dips Below $30K As S&P 500 Officially Turns Bearish

The S&P 500 is down 20% from its latest peak, which now officially means it meets the definition of a bear market territory.

According to data from TradingView, BTC/USD trading was dipping below $28,700 coming into the weekend, subsequently adding around $500. Being down 4.7% from the previous day’s $30,700 highs, the pair seemed to be range bound after the United States stocks indices saw a volatile final trading day of the week.

The S&P 500 seemed to have reversed after initially falling at the open, although it is still showing bear market tendencies by trading at 20% below its high from last year.

The popular Twitter user, Blockchain Backers, commented about the broader U.S. market performance when they Tweeted “another wacky day in the stock market. Dow Jones -500 early in the day, then recovers it all and closes 8+.” The user also added “Bitcoin still just teetering on the edge.”

A fellow Twitter user, PlanC, also argued that external shifts could still bring Bitcoin down significant;ly from current levels. The user also added that “if the crypto market was in a bubble I would say 25k to 27.5k is the Bitcoin bottom, but there is a decent probability that macro factors drag us down to 22-24k. Significant black swan, 15-20k becomes a possibility.”

Beyond stocks, the U.S. dollar index (DXY) was consolidating after a stron retracement from twenty-year highs.

With only a few days left until the end of the month, BTC/USD risked May 2022 being the worst in terms of returns in history.

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