Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive

cointelegraph.com:

Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest levels of the past seven days.

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

The S&P 500 lost 2.4% on 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.

In a fresh Twitter update, Cointelegraph contributor Michaël van de Poppe flagged a pivot point of $29,400 remaining as resistance, opening up the opportunity for a "sweep" of lower support levels.

"No break of that area at $29.4K, so we'll see levels that Bitcoin could be testing here," he commented alongside a chart showing the targets.

For on-chain monitoring resource Material 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 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

A subsequent update showed the market eating into the wall, which had little presence below $28,800.

Altcoins once more accelerated declines on the day, with several of the top ten cryptocurrencies by market cap approaching 10% daily losses.

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

Ether (ETH) lost $2,000 to