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 weakness in stocks saw sell-side pressure return.

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

Equities give crypto no respite

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.

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.

“Grey zone has been supported the past week, but a sweep and test around $28.3Kish isn’t a bad thing either. Would be massive for longs.”

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

For on-chain monitoring resource Material Indicators, meanwhile, a wall of bid support formed the basis for assessing where BTC/USD could go next.

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

Altcoin drop intensifies

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

Ethereum (ETH) lost $2,000 to trade at around $1,920 at the time of writing and approaching its last line of support above the wick down to $1,700 lows seen last week.

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

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