Global financial markets plunged into disarray on May 5 as the Dow Jones saw a 1,063 point drop and Bitcoin (BTC) price plummeted to $35,571 on Binance.
The widespread weakness comes as traders have had more time to digest the recent half-point interest rate hike by the Federal Reserve, the largest hike since 2000, which was done in an attempt to corral record high inflation.
Data from Cointelegraph Markets Pro and TradingView shows that the midday dump in the price of BTC coincided with a sell-off in the tech sector, which escalated into the close of the traditional markets.
Here’s a look at what market analysts are saying about May 5’s market rout and what levels Bitcoin price could drop to in the near term.
Bears rule until $37,500 is reclaimed
According to independent market analyst Michaël van de Poppe, the zone that defines bulls and bears is a close above or below $37,500.
Van de Poppe said,…
