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

As Wall Street opened on February 18, Bitcoin (BTC), fell to $40,000 with analysts monitoring lower levels.

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

Bitcoin drops to its lowest level in two weeks

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD teased a $40,000 break-up throughout February 18, with many attempts to see bounces higher, before finally giving way.

The situation was unclear at the time of writing. 24-hour losses for the pair were approaching 5%, and volatility was high.

Bitcoin was last traded below $40,000 on February 4, so current levels are at a two week low.

The correlation to stocks rattled by the Federal Reserve, geopolitical tensions and stock prices remained in focus.

#bitcoin is still highly correlated with risk assets. It is also in a confirmed downtrend. Day 25 heading into the Half Cycle Low. The new Cycle Low is scheduled for March 24, the same day as stocks. It is on a clear track, and bulls need to change it.
— Bob Loukas (@BobLoukas) February 18, 2022

Rekt Capital, a popular trader and analyst, noted that February’s strength has not seen BTC/USD regain two key exponential moving averages that he previously believed were essential for an attack at all-time highs in future.

He tweeted, “Bitcoin was unable to reclaim Bull Market EMAs and therefore failed to break into the upper halves of the macro range.”

“$BTC” will remain in the lower half the macro range, until further notice.

Annotated chart of BTC/USD Source: Rekt Capital/ Twitter

This macro range includes a floor of just below $30,000 — the annual open starting in 2021. Since then, Bitcoin has effectively operated between $69,000 and there.

BTC falls, ltcoins feel the pain

Altcoins were also losing ground on Wall Street open. Some of the most popular cryptocurrencies lost 8% or more.

Related: Bitcoin price levels to monitor with Bitcoin “hanging on the $40K cliff”

Ether (ETH), which is now below $3,000, was in the red while all 50 top altcoins were, except Klaytn, which was up 2%.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView