S&P500 fell sharply and so BTC followed
BTC Daily Update📍Thursday, May 5, 2022
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After yesterday's bounce on the FED rate rise and a perception of a less hawkish, today after a few hours of deep thought, traders have formed a more lasting near-term view that the Fed is far from dovish, has let inflation get out of control, and is still poised to dramatically slow down the economy through a series of 50 basis point rate increases. Thus S&P500 fell sharply and so BTC followed US equity markets. Inflation is still going to be a major problem throughout the rest of this year and beyond, which traders are worried about. It was good that we registered our early gains and booked partially on the rally, the rest closed on trailing and given stops.
From my experience, if there is a difference between Spot & Futures market, that just marks the Local bottom or local top.
In current context, 35k5 is the bottom. we will watch in the next 24/48h how the price can react at the daily support level before taking any actions.
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Good Luck!
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