Bitcoin bounces at $36.6K as Meta adds 20% losses to US tech stock rout

Bitcoin (BTC) recovered supra $37,000 connected Feb. 3 aft a stocks rout took the upwind retired of bulls' latest effort to ace $40,000 resistance.

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

"Extraordinary moves" for stocks

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying little aft concisely hitting $36,650 connected Bitstamp Wednesday.

The weakness followed shock losses for U.S. equities astatine the Wall Street unfastened connected Wednesday, with large names specified arsenic PayPal shedding immense portions of their worth aft underwhelming show reports.

— Alex Krüger (@krugermacro) February 3, 2022

Meta past followed successful the aft hours, hemorrhaging 20% of its stock terms successful the aftermath of information showing it had begun losing users for the archetypal time.

Facebook "Meta" going to zero arsenic investors larn the metaverse virtually doesn't exist

— Cobie (@cobie) February 2, 2022

While Bitcoin proponents were speedy to poke amusive astatine the events, frustrating terms enactment meant that the country identified arsenic a cardinal resistance/support flip looked each the little apt to break.

"If Bitcoin loses this level astatine $37Kish, I deliberation it volition commencement to driblet accelerated towards the little bound of the portion astir $34-35K," Cointelegraph contributor Michaël van de Poppe said overnight.

Van de Poppe added that going forward, the strength of the U.S. dollar could beryllium cardinal to knowing the coming moves for crypto markets arsenic a whole. The U.S. dollar currency scale (DXY), with which crypto is traditionally inversely correlated, mislaid large successful caller days.

"It's truly babelike connected the DXY connected what we're going to spot connected the crypto markets," helium told Twitter followers.

"If the DXY is reversing successful the coming weeks towards a downwards trend, that should beryllium a immense accelerator for upwards momentum for Bitcoin."

U.S. dollar currency scale (DXY) 1-day candle chart. Source: TradingView

Altcoins drawback up to Bitcoin's losses

Altcoins meantime extended their losses connected the day, with the apical 10 cryptocurrencies led by Solana (SOL), down astir 10%.

Related: Price investigation 2/2: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

A host of issues for the level had contributed to downward terms pressure, with SOL/USD trading nether $100 astatine the clip of writing. 

SOL/USD 1-hour candle illustration (FTX). Source: TradingView

Other anemic performers were Polkadot (DOT) and Terra (LUNA), portion Ether (ETH) was down 3.4% connected the day.