As Wall Street began on Feb. 18, Bitcoin (BTC) plummeted below $40,000, prompting experts to look for lower levels.
Bitcoin has plummeted to two-week lows
Throughout February 18, data showed BTC/USD teasing a $40,000 collapse, with many attempts witnessing larger bounces before the barrier finally gave way.
The situation remained unclear at the time of writing, with the pair’s 24-hour losses surpassing 5% and volatility rising.
Bitcoin last traded below $40,000 on February 4, making the current price a two-week low.
Stock correlations, which have been rocked by the Federal Reserve and global tensions, have stayed in the spotlight.
Rekt Capital, a popular trader and analyst, remarked that despite February’s performance, BTC/USD has yet to retake two important exponential moving averages that he had previously claimed were necessary for a future assault on all-time highs.
“Bitcoin failed to break into the top part of the macro range since it couldn’t retake the two Bull Market EMAs,” he tweeted.
“Until further notice, $BTC will remain in the bottom half of the macro range.”
The yearly open from 2021 includes a floor price of slightly around $30,000, and Bitcoin has effectively traded in a range between there and $69,000 since then.
As BTC declines, altcoins share the agony
On the Wall Street open, altcoins were losing ground as well, with some of the top 10 cryptocurrencies by market cap falling by as much as 8%.
At the time of writing, Ether (ETH) was back below $3,000, and all but one of the top 50 cryptocurrencies were in the negative, with the exception of Klaytn (KLAY), which was up 2%.