Crypto Markets Tumble Amid Stock Slump and Bitcoin's Technical Woes

Hold onto your hats, folks! Crypto markets just took a 0.48% nosedive, dragged down by the same forces sending stock markets into a tailspin and technical pressures hammering Bitcoin.

It's been a wild ride on Tuesday, May 6, with crypto markets feeling the heat from both macroeconomic jitters and Bitcoin's technical struggles. The total crypto market cap plummeted 0.54%, crashing below the $3 trillion mark to a cool $2.94 trillion.

The culprits behind this crypto crash? The very same factors that sent equities reeling. The Dow Jones took a massive 400-point hit, dropping 1.00%, while other major indices also felt the pain. No surprise here, Bitcoin (BTC) and the wider crypto world often move in lockstep with stocks, meaning they're likely dancing to the same tune.

So, what's got everyone so spooked? Macroeconomic uncertainty and fresh fears over Donald Trump's tariffs are casting a dark shadow over the market. Just the day before, Trump dropped a bombshell, announcing new tariffs on pharmaceuticals, hot on the heels of his movie tariff move. These tariff threats are sending shockwaves through the trading world, signaling that Trump's not backing down from his aggressive trade stance anytime soon.

But wait, there's a glimmer of hope! Despite the overall crypto carnage, Bitcoin's showing some serious resilience, outpacing most altcoins and boosting its dominance to a whopping 64.1% - the highest since January 2021. Sure, Bitcoin took a hit, dipping to a low of $93,400 earlier today, but it's clawed its way back, now sitting just 0.01% below its 24-hour mark at $94,841.

Bitcoin faces technical pressures

But don't pop the champagne just yet, Bitcoin's still got a fight on its hands thanks to some stubborn technical pressures. And they're not going away anytime soon. Since hitting its all-time high in January, Bitcoin's been stuck below a long-term dynamic resistance, with its last breakout attempt fizzling out on April 23.

This means we could be in for more downward action, especially now that Bitcoin's price has blown past the point of control. Unless a major catalyst comes along to help Bitcoin smash through this resistance, we might be in for a bumpy ride.