BTC price dips below $40K as Wall Street open spells pain for Bitcoin bulls
Bitcoin (BTC) fell through $40,000 as Wall Street opened on Feb. 18 with analysts watching lower levels.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD teasing a $40,000 breakdown throughout Friday, with several attempts seeing bounces higher before the level finally gave way.
At the time of writing, the situation was still unclear, with 24-hour losses for the pair approaching 5% and volatility heightened.
The last time that Bitcoin traded below $40,000 was on Feb. 4, making current levels a two-week low.
Correlation to stocks, themselves rattled by the Federal Reserve and geopolitical tensions, remained in focus.
#bitcoin remains highly correlated to risk assets. It too remains in a confirmed downtrend. Day 25 heading into the Half Cycle Low. It has a new Cycle Low scheduled around March 24th, same as stocks! It's on a clear path, bulls are the one's who need to change that. pic.twitter.com/tPxhKmAiRU
Popular trader and analyst Rekt Capital meanwhile noted that February's strength had still failed to see BTC/USD reclaim two key exponential moving averages he had previously argued to be essential for an attack on all-time highs in the future.
"Bitcoin wasn't able to reclaim the two Bull Market EMAs, therefore failing to break into the upper half of the macro range," he tweeted.
That macro range includes a floor price of just under $30,000 — the yearly open from 2021, since which time Bitcoin has effectively acted in a range between there and $69,000.
Losses were equally mounting among altcoins on the Wall Street open, with some of the top ten cryptocurrencies by market cap losing 8% or more.
Related: Here are the BTC price levels to watch with Bitcoin ‘hanging on $40K cliff’
Ether (ETH) was back below $3,000,
Read more on cointelegraph.com
