Bitcoin price drops under $29K as Walmart, Target stock lose most since 1987

cointelegraph.com:

Bitcoin (BTC) headed toward an "interesting" liquidity area on May 18 as United States stock markets opened with a bearish bang.

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

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

The big surprise, however, came from grocery giants Walmart and Target, both of which saw the biggest intraday declines since the weeks prior to the 1987 "Black Monday" market crash.

At the time of writing, WMT was down over 15% in five trading days, while TGT was nearing 25%. Both had come after reported of deteriorating earnings amid a squeeze on consumer spending from inflation.

"Bear market rallies can last weeks or just a few days. The combo Walmart/Target bombs indicate the U.S. consumer might not be as healthy as thought. The 3-day rally could be over," Fred Hickey, editor of The High-Tech Strategist, told Twitter followers on the day.

As standard, BTC declined with the indices to threaten a break below $29,000 toward an area of liquidity which represented the daily closes from last week's drop which had seen spikes below $24,000.

"Looks like a clean breakdown to me. Price action has been choppy but we should at least sweep the lows," popular trader and analyst Nebraskan Gooner tweeted in his latest update.

Cointelegraph contributor Michaël van de Poppe agreed, descrbing the area at around $28,400 as "interesting."

#Bitcoin is making that dropdown and the low has been swept. An interesting area for me, the next one is around $28.4K. pic.twitter.com/FnEqJ6mz73

Fellow longstanding social media trading presence Josh