Bitcoin trades in ‘nobody’s land’ for $29k as Tesla smashes ESG stocks

Bitcoin (BTC) held $1,000 lower on May 19 after slowing further after a tough trading session on Wall Street the previous day.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Musk detonates ESG ‘scam’ after S&P 500 debut

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD to be around $29,000 at the time of writing, bouncing from $28,600 on Bitstamp.

While the pair made its biggest intraday drop since June 2020, it fell with the S&P 500 and US stocks in particular focus.

The drama over Tesla, which was excluded from the S&P 500’s ESG Index due to the ongoing controversy, fueled the poor performance.

The firm’s CEO, Elon Musk, publicly scolded those behind the decision, which seems to adhere to so-called environmental, social and governance (ESG) criteria.

“ESG is a scam. Armed by fake social justice warriors”, part of Twitter response you read.

Cathie Wood, founder and CEO of investment giant Ark Invest, in your name The decision to exclude Tesla as “ridiculous” and “unworthy of any further response.”

As inflation-fighting measures began to bite, according to some, the outlook for risk assets was one of “consolidation” at best in the coming months.

Popular trading account CredibleCrypto acknowledged that Bitcoin copied the behavior exhibited by the S&P 500 during the 2008 Global Financial Crisis.

While bond markets could conceptually benefit from the financial tightening of central banks around the world, little faith remains in their investment propositions among pro-Bitcoin sources.

Highlighting readings from Vanguard’s Total Bond Market exchange-traded fund (ETF), Analyst Dylan LeClair said, in your name it is the “global bubble of all things collapsing in real time”.

“It will get crazier,” he added that day.

Outside of crypto, as Cointelegraph recently reported, market commentator Holger Zschaepitz often refers to the situation as “the biggest bond bubble in 800 years.”

Concerns remain above fresh Bitcoin macro low

Returning to the shorter timeframes for Bitcoin, the forecast continued to focus on potential moves above $30,000 before a deeper correction was made.

Related: First 7-week losing streak in history – 5 things to know about Bitcoin this week

“A momentum towards $29.7k is likely possible. Cointelegraph columnist Michaël van de Poppe questions whether we can hold $29.3k to continue, but overall I still expect an HL to continue towards $32.8k/$34k in Bitcoin.” said Twitter followers overnight.

Meanwhile, fellow trader Crypto Tony reiterated his thesis that BTC/USD didn’t actually bottom as low as $23,800 during last week’s tip and that a more substantial “capitulation” is ripe for it.

an additional post specification BTC price action of the day is “in no one’s country” so far.

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