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The price of Bitcoin fell below $ 29,000 as Walmart and Target shares fell the sharpest since 1987.

The price of Bitcoin fell below $ 29,000 as Walmart and Target shares fell the sharpest since 1987.

Bitcoin (BTC) headed into an ‘interesting’ liquidity area on May 18 as US stock markets opened on a bearish note.

1 hour candle chart of the BTC / USD pair (Bitstamp). Source: Trade View

The price of BTC strengthens ‘interesting’ revenge on the lows

Data from Cointelegraph Markets Pro and TradingView BTC / USD followed as it broke through the $ 29,000 support following the opening of Wall Street.

US markets saw a rapid reversal of previous gains on the day, with the S&P 500 down 2% and the Nasdaq 100 down 2.3% within the first trading hour.

The big surprise, however, came from grocery giants Walmart and Target, both of which saw the biggest daily declines from the weeks before the 1987 “Black Monday” market crash.

At the time of writing, WMT was down over 15% in five trading days, while TGT was down almost 25%. Both came after reports of declining earnings amid pressure on consumer spending from inflation.

“Bear market rallies can last weeks or a few days. The Walmart / Target combo bombs suggest that the US consumer may not be as healthy as expected. The 3-day rally may end,” Fred Hickey, editor of The High-Tech Strategies, inis Twitter followers on the day.

Data from Cointelegraph Markets Pro and TradingView tracked the rise of the BTC / USD pair by exceeding the $ 29,000 threshold following the opening of Wall Street.

US markets declined sharply from earlier gains, with the S&P 500 down 2% and the Nasdaq 100 down 2.3% in the first trading hour.

The big surprise, however, came from grocery giants Walmart and Target, which posted the two biggest intraday declines since the weeks before the 1987 “Black Monday” stock market crash.

At the time of writing, WMT was down more than 15% in five trading days, with TGT approaching 25%. Both declines came after reports of declining earnings amid cuts in consumer spending due to inflation.

“Bear market rallies can last for weeks or just a few days. Walmart / Target combo bombs indicate that the US consumer may not be as healthy as expected. The 3-day rally may end,” he said. Fred Hickey, editor of The. Tech strategists, for their Twitter followers on the day.

As usual, BTC fell with the indices to threaten a $ 29,000 break towards a liquidity zone that showed last week’s decline last week, which saw highs of under $ 24,000.

“It simply came to our notice then. The price action was very tough but at least we should sweep the bottoms, ”he said. tweeted popular Nebraskan trader and analyst Gooner in his latest update.

“If the floor is broken, we will probably see $ 22K. If the floor is occupied, we can get back over $ 30,000.”

Michaël van de Poppe, a contributor to Cointelegraph, agreed that the area called about $ 28,400 “interesting”.

Josh Rager, another longtime participant in the social media trade, was expecting a rebound at the prime level to send bitcoin higher again.

“These pressures often break one way for imitation and then reverse,” he tweeted about the reduction in volatility that could now lead to price change.

“I’d love to see BTC bust, take off the shorts, and go up. I’m not sure if that will happen, but it would be a great fix.”

Has a later post confirmed BTC / USD was moving as expected.

See also: Aave price risks falling 25% as a classic bearish reversal pattern emerges.

Altcoins carry a 90% risk of “mark market standard correction”.

On altcoins, losses started to accumulate faster as bitcoin gave up any short-term bullish signals.

Of the top ten cryptocurrencies by market capitalization, Cardano (ADA) and Solana (SOL) were the worst performers, with daily losses close to 8%.

Ether (ETH) lost support at $ 2,000 and is heading towards its lowest levels since May 12 with cross-cryptocurrency capitalization.

“Altcoins have risen significantly. But previous bear markets suggest they could go lower,” he said. warning the trader and analyst Rekt Capital during the day.

“If BTC loses its macro low, it would confirm a further decline in the cryptocurrency market. This could allow Altcoins to follow a market standard correction of a mark of more than -90%.”

1 hour retention chart of ETH / USD (Binance). Source: Trade View

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investment and business transactions involve risk. You should do your own research before making a decision.

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