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

Bitcoin (BTC), headed towards an “interesting” liquidity area on May 18, as the United States stock market opened with a bearish start.

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

BTC price closes to “interesting” match with lows

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD’s break through of $29,000 support following the Wall Street open.

The U.S. market saw a rapid reversal in gains, with the S&P 500 falling 2% and the Nasdaq 100 dropping 2.3% within the first hour.

Walmart and Target were the big winners, with the largest intraday drops since the weeks before the 1987 “Black Monday” market crash.

WMT had fallen more than 15% in five trading days at the time of writing. TGT was close to 25%. Both were affected by reports of declining earnings and a tightening in consumer spending due to inflation.

“Bear market rallies may last for weeks or a few days. Combination Walmart/Target bombs suggests that the U.S. consumer may not be as healthy and fit as we thought. The 3-day rally could end,” Fred Hickey (editor of The High-Tech Strategist) told his Twitter followers.

BTC fell with the indices in an attempt to break below $29,000. This was toward an area that represented the daily closes of the drop last week, which had seen spikes above $24,000.

“Looks like a complete breakdown to me. In his most recent update, Nebraskan Gooner, a popular analyst and trader, tweeted that price action had been “choppy” but that we should at least sweep down the lows.

“Lows break, and we will probably see $22K. Lows are stable and we can get back to $30K.

Michael van de Poppe, a Cointelegraph contributor, agreed and described the area as “interesting” at $28,400.

Josh Rager, a long-standing social media trader, hoped for a rebound at the top level to push Bitcoin higher.

He tweeted, “Many times these compresses break one direction for a fakeout then reverse,” regarding declining volatility potentially leading to a price movement.

“Would love for $BTC to break down, move up, and get its shorts off of sides.” Although it is not certain, it would be a wonderful setup.

The BTC/USD was moving in accordance with plan, as confirmed by a subsequent post.

Related: Aave Price Risks a 25% Drop as a Bearish Reversal Pattern Emerges

ltcoins risk 90% “standard bear market correction”

Altcoins suffered faster losses as Bitcoin stopped sending short-term bullish signals.

Cardano (ADA), and Solana(SOL) were the worst performing cryptocurrencies, posting daily losses of close to 8%.

Ethereum (ETH), which lost $2,000 support, is now heading towards its lowest level since the May 12 cross crypto capitulation.

“Altcoins have retraced quite a bit. However, they have been in bear markets before and could fall further,” Rekt Capital analyst warned.

“If BTC loses the Macro Range Low, it would indicate more downside in Crypto market. Altcoins could follow the Bear Market correction of more than -90%.

1 hour candle chart of ETH/USD (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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