20% drop in the S&P 500 puts stocks in a bear market, Bitcoin and altcoins follow

21 May 2022

Whoever coined the phrase “sell in May and go away” had brilliant insight and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true.

May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) taking on water below $29,000 and traders worry that losing this level will ensure a visit to the low $20,000s over the coming week.ek.

As reported by Cointelegraph, some analysts warn that BTC could possibility decline to $22,700 based on its historical price performance following a death cross.

Further evidence of muted expectations from traders can be found in the put/call ratio for BTC open interest, which hit a 12-month high of 0.72 on May 18 according to the cryptocurrency research firm Delphi Digital..

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