Bitcoin (BTC) dipping below $36,000 “smells like capitulation,” one trader says as suspicion mounts over U.S. stock markets.
In a tweet on May 6, Cointelegraph contributor Michaël van de Poppe suggested that the BTC price was at least giving “serious signals.”
Analyst: Stocks saw “forced liquidation”
After plunging to 10-week lows in line with equities on the May 5 Wall Street trading session, Bitcoin bounced at levels last seen in February.
The downturn in both crypto and stocks, which followed an initial bounce the day prior on the back of expected rate hikes by the Federal Reserve, appeared to be more than traders bargained for.
The S&P 500 finished the day down 3.5%, while the Nasdaq 100 ended down 5%. Outside stocks, U.S. 10-year Treasury futures shed 1%, a rare