Bitcoin (BTC) fell at the open on Wall Street on May 24 as weakness in stocks brought back pressure from sellers.
Variable income does not give truce to cryptocurrencies
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it revisited its lowest levels of the past seven days.
At the time of writing this article, The BTC/USD pair was trading around $28,800 amid the volatility, having hit $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 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
Stocks control the price of #Bitcoin again. What is surprising is how well it is holding up relatively. Most stocks have much bigger daily drops than $BTC.
In a new Twitter update, Cointelegraph contributor Michaël van de Poppe he pointed a pivot point of $29,400 remains resistance, opening up an opportunity for a “sweep” of lower support levels.
“There is no breakout of that zone at $29,400, so we will see levels that Bitcoin could be testing here,” he commented alongside a chart showing targets.
“The gray zone has been supported last week, but a sweep and test around 28,300 is not a bad thing either. It would be massive for long contracts.”
For on-chain monitoring resource Material Indicators, meanwhile, a wall of supply support formed the basis for assessing where the BTC/USD pair might go.
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
Woke up to #Bitcoin sitting on top of ~$50M in liquidity on offer. This could be a good setup for a rally, but lately these concentrations of liquidity have been taken. Waiting to see if this is actually support or heading to fill up.
A later update He showed that the market ate the wall, which had little presence below $28,800.
Altcoin crash intensifies
Altcoins accelerated declines again on the day, with several of the top ten cryptocurrencies by market capitalization approaching 10% daily losses.
Ether (ETH) lost $2,000 to trade around $1,920 at the time of writing and approach its last support line above the wick of the $1,700 lows seen last week.
The biggest loser on the day was Solana (SOL), which was down 9.3% at $48.
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