By : COIN GABBAR 25 May 2022

BTC has dropped below $29,500 for the first time in a week, as the Nasdaq leads a sell-off in new US equities.


BTC has dropped below $29,500 for the first time in a week, as the Nasdaq leads a sell-off in new US equities.

The price of bitcoin is still influenced by the behaviour of stocks on Wall Street.

Bitcoin (BTC) dipped on the Wall Street open on May 24 as sell-side pressure returned due to stock market weakness.

Equities provide no relief for crypto. BTC/USDT retreated to its lowest levels in seven days, according to CoinGabbar data. BTC/USDT was trading at roughly $29,800 at the time of writing, after hitting a low of $28,614 on May 18. A pivot point of $29,400 is still acting as resistance, allowing for a "sweep" of lower support levels.

On the open, the S&P 500 was down 2.4 per cent, while the Nasdaq 100 was down 3.5 per cent.

The decline in altcoins continues.

Altcoins continued to fall on the day, with some of the top ten cryptocurrencies by market cap seeing daily losses approaching 10%.

At the time of writing, Ether (ETH) was trading at roughly $1,920, approaching its last line of support above the wick down to $1,770 lows witnessed last week.

Solana (SOL) was the biggest loser on the day, falling 9.3 per cent to $48.


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