Bitcoin price hits 10-week lows as $40K spike becomes 'nasty bull trap'

Bitcoin price hits 10-week lows as $40K spike becomes 'nasty bull trap'


Bitcoin (BTC) hit its lowest level in over two months later on May 5 as Wall Street trading saw volatility return with a bang.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewDXY celebrates as stocks, crypto tumble

Data from Cointelegraph Markets Pro and TradingView painted an unsettling picture for hodlers as BTC/USD fell to $36,520 on Bitstamp.

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Capping losses, which totaled 8.3% at one point, Bitcoin only bounced at a price last seen on Feb. 24 this year.

As Cointelegraph reported, the performance had come in tandem with mayhem in U.S. markets as equities gave up previous gains to flip bearish on the economic outlook. The Federal Reserve’s “priced in” rate hikes thus appeared to have been something of a red herring.

“BTC breaks below 37K after a nasty bull trap yesterday.

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