Bitcoin Price Drops Nearly 12% in Three Days, Below $36,000

Bitcoin (BTC) fell further as Wall Street opened on May 6, warning that the U.S. stock market sell-off is “not over yet.”

Novogratz: "We will not have a soft landing"

BTC/USD hit $35,268 on Bitstamp, down 11.9 percent in just three days, according to data from Cointelegraph Markets Pro and TradingView.

U.S. stocks rebounded in no relief after a bloodbath on May 5, with the S&P 500 and Nasdaq 100 down 1% and 0.85%, respectively. .

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

Commenting on the Fed's plan for a "soft landing" in bringing inflation down to its target, Novogratz warned that won't happen.

Meanwhile, when it comes to Bitcoin, the spot price action now compares to the same time last year.

“Looks like BTC has turned the $38,000 level into a new resistance,” popular trader and analyst Rekt Capital told Twitter followers.

“This now means that ... $BTC has confirmed its return to the $28K to $38K range, which is the range of consolidation in Q1 and Q2 2021.”

Another tweet showed BTC/USD approaching a long-term support zone, the second of two important weekly chart support levels that have now lost higher lows.

Warning on altcoin market capitalization

Meanwhile, altcoins have seen mixed moves as Bitcoin trades lower, but the overall outlook is bleak.

Ethereum (ETH) replicated BTC/USD’s three-day 11%–12% loss, while other major altcoins held off the blow a bit.

The total market capitalization of cryptocurrencies (excluding Bitcoin) found major support on May 6.

Meanwhile, Bitcoin price targets remain focused on $30,000 or below this week.