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HomeUncategorizedBitcoin Value Stagnates Below $29,000 as Stock Indices Rise

Bitcoin Value Stagnates Below $29,000 as Stock Indices Rise

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The S&P 500 Index gained 2.47% on May 27, while the Nasdaq rose 3.33%.

Bitcoin is stuck by its second day at a level below $29,000 without showing any movement up or down, Cointelegraph reports.

Based on data from Cointelegraph Markets platforms Pro and TradingView, it was evident that the world’s leading cryptocurrency remained in a narrow range in the short term during the weekend.

According to the CoinMarketCap index, the so-called ‘digital gold’ is trading at 28,955 dollars at the time of publication. writing of this note.

Previously forecast support levels to prevent a deeper correction managed to hold on May 27, while some commentators point to Bitcoin’s relative underperformance compared to the stock market, which ended higher at the end of the business week.

Thus, the index S&P 500 gained 2.47% on May 27, while the Nasdaq rose by 3.33%.

Unlike bitcoin, equity markets took advantage of the downward trend of the strong US dollar. The Dollar Index (DXY) traded at 101.6, down from a high of 105 registered in the middle of the month, which had marked a peak last seen in late 2002.

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