BTC price dips below $40K as Wall Street open spells pain for Bitcoin bulls

2 years ago

Macro factors yet spot $40,000 springiness mode for Bitcoin terms enactment aft 2 weeks above.

BTC terms dips beneath $40K arsenic Wall Street unfastened spells symptom for Bitcoin bulls

Bitcoin (BTC) fell done $40,000 arsenic Wall Street opened connected Feb. 18 with analysts watching little levels.

Bitcoin falls to two-week lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD teasing a $40,000 breakdown passim Friday, with respective attempts seeing bounces higher earlier the level yet gave way.

At the clip of writing, the concern was inactive unclear, with 24-hour losses for the brace approaching 5% and volatility heightened.

The past clip that Bitcoin traded beneath $40,000 was connected Feb. 4, making existent levels a two-week low.

Correlation to stocks, themselves rattled by the Federal Reserve and geopolitical tensions, remained successful focus.

#bitcoin remains highly correlated to hazard assets.

It excessively remains successful a confirmed downtrend. Day 25 heading into the Half Cycle Low. It has a caller Cycle Low scheduled astir March 24th, aforesaid arsenic stocks!

It's connected a wide path, bulls are the one's who request to alteration that. pic.twitter.com/tPxhKmAiRU

— Bob Loukas (@BobLoukas) February 18, 2022

Popular trader and expert Rekt Capital meantime noted that February's spot had inactive failed to spot BTC/USD reclaim 2 cardinal exponential moving averages helium had previously argued to beryllium indispensable for an onslaught connected all-time highs successful the future.

"Bitcoin wasn't capable to reclaim the 2 Bull Market EMAs, truthful failing to interruption into the precocious fractional of the macro range," helium tweeted.

"$BTC volition proceed to inhabit the little fractional of the macro scope until further notice."

That macro scope includes a level terms of conscionable nether $30,000 — the yearly unfastened from 2021, since which clip Bitcoin has efficaciously acted successful a scope betwixt determination and $69,000.

Altcoins stock the symptom arsenic BTC falls

Losses were arsenic mounting among altcoins connected the Wall Street open, with immoderate of the apical 10 cryptocurrencies by marketplace headdress losing 8% oregon more.

Ethereum (ETH) was backmost beneath $3,000, portion each but 1 of the apical 50 altcoins were successful the reddish astatine the clip of writing, the objection being Klaytn (KLAY), which was up 2%.