Bitcoin (BTC) fell at Wall Street’s open on May 24 as weakness in stocks returned selling pressure.
Equities give no relief to crypto
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest level of the past seven days.
At the time of writing, BTC/USD traded around $28,800 amid volatility, reaching $28,614 on Bitstamp – an area last seen on May 18.
The S&P 500 lost 2.4% at the open, while the Nasdaq 100 lost 3.5%.
Stock controls price once again #bitcoin, What’s surprising is that it’s holding up relatively well. Most stocks have bigger declines than daily declines $BTC,
— IncomeSharks (@IncomeSharks) 24 May 2022
In a recent Twitter update, Cointelegraph contributor Michael van de Pope Flagged A pivot point at $29,400 is remaining as resistance, opening up opportunities for a “sweep” to lower support levels.
“There is no break out of that zone at $29.4K, so we will see if bitcoin can test it here,” he commented with a chart showing targets.
“The gray zone has been supportive last week, but even a sweep and test around $28.3Kish is not a bad thing. Will be massive in the long run.”
For on-chain monitoring resource content 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 these concentrations of liquidity are being taken recently. Waiting to see if it’s actually support or aiming to fill it. #fire charthttps://t.co/VzE3V2kA8Q pic.twitter.com/VgKJw9h0kP
— Content Indicator (@MI_Algos) 24 May 2022
a later update is shown The market was hitting a wall, with an attendance of less than $28,800.
Altcoin decline sharp
Altcoins fell sharply once again on the day, with many of the top ten cryptocurrencies by market capitalization incurring close to 10% daily losses.
RELATED: Bitcoin Claims It Will Take 2 Years to Fill the CME Gap to New All-Time High
At the time of writing, Ether (ETH) has lost $2,000 and traded near $1,920 and is approaching the last line of support above the wick at the $1,700 low seen last week.
The biggest loser of the day was Solana (SOL), which was trading down 9.3% at $48.
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