Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive
Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return.
Equities give crypto no respite
At the time of writing, BTC/USD traded at around $28,800 amid volatility, having hit $28,614 on Bitstamp — a zone last seen on May 18.
The S&P 500 lost 2.4% on the open, while the Nasdaq 100 managed a 3.5% decline.
— IncomeSharks (@IncomeSharks) May 24, 2022
In a fresh Twitter update, Cointelegraph contributor Michaël van de Poppe flagged a pivot point of $29,400 remaining as resistance, opening up the opportunity for a “sweep” of lower support levels.
“No break of that area at $29.4K, so we’ll see levels that Bitcoin could be testing here,” he commented alongside a chart showing the targets.
“Grey zone has been supported the past week, but a sweep and test around $28.3Kish isn’t a bad thing either. Would be massive for longs.”
For on-chain monitoring resource Material Indicators, meanwhile, a wall of bid support formed the basis for assessing where BTC/USD could go next.
Woke up to #Bitcoin sitting on top of ~$50M in bid liquidity. This could be a good setup for a rally, but lately these concentrations of liquidity have been getting taken. Waiting to see if this is truly support or it aims to get filled. #FireChartshttps://t.co/VzE3V2kA8Q pic.twitter.com/VgKJw9h0kP
— Material Indicators (@MI_Algos) May 24, 2022
A subsequent update showed the market eating into the wall, which had little presence below $28,800.
Altcoin drop intensifies
Altcoins once more accelerated declines on the day, with several of the top ten cryptocurrencies by market cap approaching 10% daily losses.
Ether (ETH) lost $2,000 to trade at around $1,920 at the time of writing and approaching its last line of support above the wick down to $1,700 lows seen last week.
The biggest loser on the day was Solana (SOL), which traded down 9.3% at $48.
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