Bitcoin (BTC) fell further on the May 6 Wall Street open amid a warning that the U.S. equities sell-off was "not over."
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $35,268 on Bitstamp, bringing three-day losses alone to 11.9%.
U.S. stocks, which had a seen a bloody May 5, were in no mood for a relief rally as the S&P 500 and Nasdaq 100 fell another 1% and 0.85%, respectively.
"The Nasdaq sell-off isn't over," Mike Novogratz, CEO of cryptocurrency merchant bank Galaxy Digital, told CNBC.
Commenting on the Federal Reserve's plans for a "soft landing" when it came to bringing inflation down to target, Novogratz warned that such a scenario would not happen.
On Bitcoin, meanwhile, comparisons were emerging between spot price action now and the same time last year.
"Looks like BTC has flipped the ~$38,000 level into new resistance," popular trader and analyst Rekt Capital told Twitter followers.
"Which now means... $BTC has confirmed a return to the $28K–$38K range, which was home to consolidation in Q1 & Q2 in 2021."
A further tweet flagged BTC/USD approaching a long-term support range, one which functioned as the second of two important weekly chart supports along with a now-lost higher low.
#BTC has lost one out of the two crucial Bull Market support levels:
— Rekt Capital (@rektcapital) May 6, 2022
• Macro Higher Low (black) ❌$BTC is slowly approaching a crucial demand area:
• Macro Range Low (green) ⏱️
This Range Low is what is supports a "Macro Re-Accumulation Range" thesis for #Bitcoin#Cryptohttps://t.co/3WmnTsCixLpic.twitter.com/6SMjrHziYg
Altcoins, meanwhile, saw mixed action as Bitcoin headed lower, but the overall picture looked bleak.
Related: Descending channel pattern and weak futures data continue to constrain Ethereum price
Ether (ETH) copied the 11%–12% three-day losses on BTC/USD, while other major altcoins managed to slightly stem the blow.
The overall cryptocurrency market cap, Bitcoin excluded, nonetheless approached major support on May 6.
Altcoins index is about to break the main support. Next support is 50% lower.
— il Capo Of Crypto (@CryptoCapo_) May 6, 2022
Real capitulation below this level. pic.twitter.com/wtXHPUkiI9
Bitcoin price targets, meanwhile, remained focused on $30,000 and under this week.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Join the milestone celebration with Manta Pacific Network as we unveil the MANTA airdrop, exclusively for our early adopters and Celestia (TIA) stakers. Discover how our growing Total Value Locked (TVL) of $750 million fortifies your investment and our community's future. Be a part of our journey towards innovation and success in the crypto landscape.
BrianExplore Grayscale's significant move of transferring 4,000 BTC to Coinbase Prime for ETF redemption activities. Understand the implications of this major transaction for the cryptocurrency market, Grayscale's strategy, and the future of Bitcoin ETFs
BrianExplore how Tesla's groundbreaking move to accept Dogecoin at its Hollywood Supercharging station marks a pivotal moment in cryptocurrency adoption, blending innovation with practicality in the electric vehicle market.
BrianExplore the dynamic world of Bitcoin and its place in real money debates, as we delve into perspectives from financial experts including the BlackRock CEO. Understand the implications for investors and the future of digital currencies.
BrianExplore the cutting-edge AMOY PoS testnet by Polygon, a groundbreaking advancement in blockchain technology. Discover how this integration with Sepolia ushers in a new era of efficiency, security, and innovation in the cryptocurrency world.
BrianLaunched in February 2018 with the backing of Venezuela's petrol reserves and priced at US $60 per unit, the petro was intended to provide alternative avenues for international financing amid US sanctions.
AlexOver the past month, there has been a continual rise in both total staking volume and the addition of new delegates.
AlexExplore the recent developments in the Indian cryptocurrency market, including the removal of major crypto exchange apps from Apple's App Store and the evolving regulatory landscape.
MiyukiUnraveling the impact of Elon Musk's X on the SEC Twitter hack: A critical look at how a lack of two-factor authentication led to a surge in Bitcoin values.
WeatherlyExplore the unexpected implications of the SEC X account hack on the approval process of Bitcoin Spot ETFs. This article delves into the interplay between cybersecurity and financial regulation, analyzing how this incident might reshape the future of cryptocurrency investment.
Weiliang