Crypto

Bitcoin Reached the $36K Price as Three-Day Losses Near 12%

6th of May is the most painful day for both stocks and crypto as traders are not optimistic about the situation

The largest cryptocurrency in the market Bitcoin BTC fall on the 6th of May, Wall Street open in the middle of a warning that the United States equities sell-off was “not over”.

According to data revealed by TradingView and Cointelegraph Markets Pro, showed that BTC/USD are hitting $35,268 on Bitstamp, bringing three-day losses alone to around 11.9%.

the US stocks were not showing any optimistic signs of rally as the Nasdaq 100 and S&P 500 dipped another 1% and 0.85%, respectively.

“The Nasdaq sell-off isn’t over,” Mike Novogratz, CEO of cryptocurrency merchant bank Galaxy Digital, told CNBC.

And commenting on the plans of the Federal Reserve for a soft landing, when it came to bring back the inflation down to target, Novogratz did warn and said that such a scenario would not happen.

For Bitcoin, many comparisons are being listed between the BTC price action now and the price at the same time last year.

Rekt Capital, the popular trader and analyst, did tweet and said:

“Looks like BTC has flipped the ~$38,000 level into new resistance,”

“Which now means… $BTC has confirmed a return to the $28K–$38K range, which was home to consolidation in Q1 & Q2 in 2021”.

As for altcoins, they witnessed a mixed action as Bitcoin BTC dipped down, but the overall view is looking bleak.

Bitcoin is trading in dark red at $35,995.85.

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