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Nasdaq leads US Stock Downfall as Bitcoin (BTC) Price Hits a Weekly Low Under $29k

Nasdaq Drops With the Whole Stock Market, With Bitcoin Following

The performance of equities at the Wall Street open is what’s holding Bitcoin’s (BTC) price action. The past week, Bitcoin’s (BTC)/USD low levels were tracked by Cointelegraph and TradingView. BTC/USD was trading around $28,800 as of currently, having hit $28,614 on Bitstamp — a level last seen on May 18.

The Standard and Poor’s 500 (S&P 500) fell 2.4 percent on the open; in the meantime, the Nasdaq 100 had a 3.5 percent fall. A pivot point of $29,400 remains as resistance, allowing for a “sweep” of lower support levels, Cointelegraph contributor Michaël van de Poppe noted in a recent Twitter post.

“No break of that area at $29.4K, so we’ll see levels that Bitcoin could be testing here. Grey zone has been supported the past week, but a sweep and test around $28.3K-ish isn’t a bad thing either. Would be massive for longs.” – Michaël van de Poppe

Meanwhile, a wall of bid support served as the foundation for determining where BTC/USD may go next for on-chain monitoring resource Material Indicators. A subsequent update showed the market eating into the wall, which had little presence below $28,800. 

Altcoin drop intensifies 

Altcoins once again increased their daily losses, with many of the top cryptocurrencies by market cap nearing 10% daily losses. Ethereum (ETH) fell $2,000 to trade at roughly $1,920 at the time of writing, approaching its final support zone above the wick, which was $1,700 last week. Trading down to 9.3% at $48, Solana (SOL) took the biggest loss of the day.

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