Bitcoin (BTC) fell further ahead of Wall Street on February 3 when analysis showed that old resistance levels were back to haunt the bulls.

BTC/USD hourly candlestick chart (bit stamp). Source: Trading View
$38,600 returned
Data from Cointelegraph Markets Pro and TradingView painted another disappointing picture for BTC/USD on Thursday as the pair hit new lows at $36,275 on Bitstamp.

After the shock moves in technology stocks during Wednesday’s trading session, the domino effect of cryptocurrencies remained visible as the big coins struggled to stabilize.

Zooming out, famed trader and analyst Rekt Capital found that the $38,600 area – a pivotal point at several points in 2021 – was once again a line in the sand that the bulls could cross.

“BTC created a week of bullish resistance following the recent recovery,” he wrote on Twitter.

“At this point, the $38,600 range continues to act as resistance.”

Detailed BTC/USD chart. Source: Rect Capital / Twitter
For others, including other trader Anbessa, it was a case of “less is better” for Bitcoin, reflecting current expectations of a major crash before a full recovery.

Meanwhile, issues with tech stocks wiped out positive sentiment from other macroeconomic signals, as Russia’s proposal to allow banks to sell bitcoin fell, and India’s new tax proposal for cryptocurrency fell into the background.

Puell Multiple returns to classic oversold territory
In terms of network performance, it is Puell Multiples’ turn this week to follow the Bitcoin Relative Strength Index (RSI) pressure on the more significant “oversold” signal.

RELATED: Whales Buy Bitcoin for $38,000 as Bitcoin Bid Per Whale Reaches 10-Year High

A popular indicator created by David Puell uses the income of a miner in relation to the spot price to determine when the spot price is too high or too low.

Puell Multiple is currently on a downtrend and is already at its lowest level since June 2021, the former center of recovery after China banned mining.

Source: CoinTelegraph