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Bitcoin price surges below $36,000 as three-day losses close to 12%

Bitcoin (BTC) continued to fall as Wall Street opened on May 6 after warnings that the sell-off in US stocks was “not over yet”.

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BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Novogratz: “We won’t be able to achieve a soft landing”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD touching $35,268 on Bitstamp, bringing the three-day losses alone to 11.9%.

US stocks, which had endured a bloody May 5th, were in no mood for a recovery rally as the S&P 500 and Nasdaq 100 fell another 1% and 0.85%, respectively.

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

Commenting on the Federal Reserve’s plans for a “soft landing” when it comes to bringing inflation to target, Novogratz warned that such a scenario would not materialize.

For Bitcoin, meanwhile, comparisons between spot price action now and the same time last year have emerged.

“Looks like BTC flipped the ~$38k level into new resistance,” according to popular trader and analyst Rekt Capital told Twitter followers.

“Which means now…$BTC has confirmed a return to the $28k-$38k range where it consolidated in Q1 and Q2 of 2021.”

Another tweet indicated that BTC/USD is approaching a long-term support area that acted as the second of two key weekly chart supports along with a now-lost higher low.

Altcoin market cap warning

Altcoins, meanwhile, saw mixed action as Bitcoin tumbled lower, but the overall picture looked bleak.

Related: Descending channel pattern and weak futures data continue to weigh on Ethereum price

Ether (ETH) copied BTC/USD’s three-day losses of 11% to 12%, while other major altcoins managed to stem the blow somewhat.

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ETH/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Nonetheless, the total market cap for cryptocurrencies excluding bitcoin was nearing major support on May 6th.

Bitcoin price targets, meanwhile, continued to focus on $30,000 and below this week.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.