Bitcoin (BTC) fell further on the May 6 Wall Street open amid a warning that the U.S. equities sell-off was “not over.”

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

Novogratz: “We are not going to get a soft landing”

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.

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

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. 


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