Bitcoin (BTC) fell around the May 24 Wall Street open as weakness in stocks saw sell-side pressure return.
Equities give crypto no respite
During the time of writing, BTC/USD traded around $28,800 among volatility, getting hit $28,614 on Bitstamp — a zone last seen on May 18.
The S&P 500 lost 2.4% around the open, as the Nasdaq 100 managed a 3.5% decline.
— IncomeSharks (@IncomeSharks) May 24, 2022
Inside a fresh Twitter, Cointelegraph contributor Michaël van de Poppe flagged a pivot reason for $29,400 remaining as resistance, opening the chance for any “sweep” of lower support levels.
“No break of this area at $29.4K, so we’ll see levels that Bitcoin might be testing here,” he commented alongside a chart showing the targets.
“Gray zone continues to be supported yesteryear week, however a sweep and test around $28.3Kish is not a poor factor either. Could be massive for longs.”
For on-chain monitoring resource Material Indicators, meanwhile, a wall of bid support created the foundation for assessing where BTC/USD may go next.
Automobile as much as #Bitcoin sitting on the top of ~$50M in bid liquidity. This may be a great setup for any rally, but recently these concentrations of liquidity have been receiving taken. Waiting to find out if this really is truly support or it aims to obtain filled. #FireChartshttps://t.co/VzE3V2kA8Q pic.twitter.com/VgKJw9h0kP
— Material Indicators (@MI_Algos) May 24, 2022
A subsequent update demonstrated the marketplace eating in to the wall, which in fact had little presence below $28,800.
Altcoin drop intensifies
Altcoins once again faster declines at the time, with some of the top cryptocurrencies by market cap approaching 10% daily losses.
Ether (ETH) lost $2,000 to trade around $1,920 during the time of writing and approaching its last type of support over the wick lower to $1,700 lows seen a week ago.
The greatest loser at the time was Solana (SOL), which traded lower 9.3% at $48.
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