Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive

Bitcoin (BTC), which fell on May 24, Wall Street Open, as sell-side pressure returned due to weakness in stocks.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Crypto is no longer in danger with Equities

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD as the price fell to its lowest level in seven days.

BTC/USD was trading at $28,800 amid volatility after hitting $28,614 via Bitstamp — the last zone seen on May 18.

The S&P 500 fell 2.4% at the open while the Nasdaq 100 suffered a 3.5% drop.

Stocks again control the #Bitcoin price Surprisingly, it is holding up relative well. Stocks have much larger daily drops than $BTC.
IncomeSharks (@IncomeSharks), May 24, 2022

Michael van de Poppe, a Cointelegraph contributor, has updated Twitter to indicate that a pivot point at $29,400 remains as resistance. This opens up the possibility for a “sweep” of lower support levels.

He commented that there was no break in the $29.4K area, so we’ll be able to see levels that Bitcoin could test here,” he added alongside a chart that showed the targets.

“Grey zone has been supported over the past week, but a sweep around $28.3Kish would be a good thing.” For longs, would be huge.”

Annotated chart of BTC/USD Source: Michael van de Poppe/ Twitter

A wall of bid support was used to assess where BTC/USD might go next for Material Indicators, an on-chain monitoring resource.

I woke up to see #Bitcoin sitting at the top of $50M worth of bid liquidity. This could be a great setup for a rally. However, lately these high levels of liquidity have been being taken. We will wait to see if this really is support, or if it aims at getting filled. #FireChartshttps://t.co/VzE3V2kA8Q pic.twitter.com/VgKJw9h0kP
— Material Indicators (@MI_Algos) May 24, 2022

The market was seen eating into the wall in a subsequent update, which showed that it was less than $28,800.

ltcoin drop intensifies

Altcoins experienced an acceleration in their declines, with many of the top ten cryptocurrency market caps averaging 10% daily losses.

Related: Bitcoin plunges to fill CME gap, claim new all time highs will take at least 2 years

Ether (ETH), which lost $2,000, traded at $1,920 at the time it was written and is approaching its last line support above the Wick down to $1700 lows last week.

BINANCE: ETH/USD 1-hour candle charts Source: TradingView

Solana (SOL) was the biggest loser of the day, trading down 9.3% to $48.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/bitcoin-price-returns-to-weekly-lows-under-29k-as-nasdaq-leads-fresh-us-stocks-dive

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