Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive
BTC price action remains at the mercy of equities performance at the Wall Street open.
Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return.
Equities give crypto no respite
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest levels of the past seven days.
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.
Stocks once again controlling the price of #Bitcoin. What’s surprising is how well it’s holding up relatively though. Most stocks having way larger daily drops than $BTC.
— 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.
Related: Bitcoin dives to fill CME gap amid claim new all-time highs will take 2 years
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.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
