Bitcoin (BTC) slips below $29,000, price back to weekly low

Stock market pulls crypto market down

At the time of writing, the Bitcoin price is just under $28,000, with a low of $28,614 being recorded at one point.

The S&P 500, meanwhile, is down 2.4% after the open, while the Nasdaq 100 is down 3.5%.

Cointelegraph expert Michaël van de Poppe now sees $29,400 as new resistance to break , with new supports likely to be tested first.

“There hasn’t been a jump above $29,400 so far, which is why Bitcoin will probably only do a few tests in the lower areas,” as the expert explains with reference to the associated price chart (see below). To which he adds:

“The gray area has been firm support for the past week, but a pullback and test into the $28,300 area isn't too bad. For long positions that would actually be quite.”

Meanwhile, on-chain analysts at Material Indicators see fresh liquidity in nearby price areas as a possible springboard for a new Bitcoin upleg.

In a subsequent tweet , however, the experts put this assessment into perspective again, because the relevant demand has now almost diminished, while there is little support to be found below $28,800.

Altcoins continue to slide

Meanwhile, the altcoin slide is worsening, with several of the top 10 cryptocurrencies down nearly 10% on Tuesday.

Ether (ETH) lost $2,000 to trade at around $1,920 at the time of writing and approaching its last line of support above the wick down to $1,700 lows seen last week.

The loser on the day is Solana ( SOL ), which is down 9.3% to just $48.

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