Bitcoin falls toward $38K as stocks abandon Fed 'reactionary rally'

📆 05/05/2022 18:59:00
📰 Cointelegraph

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It's a sea of red for crypto and stocks as Bitcoin tumbles with U.S. equities on Thursday's Wall Street open.

At the time of writing, the S&P 500 traded down 3%, while the Nasdaq 100 was down 4.1%, all within the first hour of trading.— The Wolf Of All Streets

Traders were broadly unfazed by the cross-market price action, and focusing on Bitcoin, Cointelegraph contributor Michaël van de Poppe argued that there was room for a retest of $38,000 without unsettling sentiment.Twitter followers, referring to a higher low, or HL, possibly being printed on the daily chart.Fellow trader Cheds meanwhile highlighted $37,500 as the level to hold to avoid deeper weakness next.

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