Tuesday, November 29, 2022

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 weak spot in stocks noticed sell-side stress return.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Equities give crypto no respite

Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD as it revisited its lowest ranges of the previous seven days.

At the time of writing, BTC/USD traded at round $28,800 amid volatility, having hit $28,614 on Bitstamp — a zone final seen on May 18.

The S&P 500 misplaced 2.4% on the open, whereas the Nasdaq 100 managed a 3.5% decline.

In a fresh Twitter replace, Cointelegraph contributor Michaël van de Poppe flagged a pivot level of $29,400 remaining as resistance, opening up the chance for a “sweep” of decrease help ranges.

“No break of that space at $29.4K, so we’ll see ranges that Bitcoin could possibly be testing right here,” he commented alongside a chart exhibiting the targets.

“Grey zone has been supported the previous week, however a sweep and check round $28.3Kish is not a foul factor both. Would be huge for longs.”

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

For on-chain monitoring useful resource Material Indicators, in the meantime, a wall of bid help fashioned the idea for assessing the place BTC/USD may go subsequent.

A subsequent replace showed the market consuming into the wall, which had little presence under $28,800.

Altcoin drop intensifies

Altcoins as soon as extra accelerated declines on the day, with a number of of the highest ten cryptocurrencies by market cap approaching 10% every day losses.

Related: Bitcoin dives to fill CME gap amid claim new all-time highs will take 2 years

Ether (ETH) misplaced $2,000 to commerce at round $1,920 on the time of writing and approaching its final line of help above the wick down to $1,700 lows seen final week.

ETH/USD 1-hour candle chart (Binance). Source: TradingView

The greatest loser on the day was Solana (SOL), which traded down 9.3% at $48.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, it is best to conduct your personal analysis when making a call.