Bitcoin price heads under $36K as three-day losses near 12%
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 ~$38,000 level into new resistance," popular trader and analyst Rekt Capital told Twitter followers.
A further tweet flagged BTC/USD approaching a long-term support range, one which functioned as the second of two important weekly chart supports along with a now-lost higher low.
#BTC has lost one out of the two crucial Bull Market support levels:• Macro Higher Low (black) ❌$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#Crypto https://t.co/3WmnTsCixL pic.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
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