Bitcoin (BTC) fell below $40,000 with the Wall Street open on February 18th with analysts eyeing lower levels.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
Bitcoin drops to a two-week low
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD triggered a $40,000 crash on February 18, with multiple attempts to rebound higher before the level finally evaded.
At the time of writing, the situation is still unclear, with the pair’s daily losses approaching 5% and volatility increasing.
Bitcoin last traded below $40,000 on February 4, bringing current levels to a two-week low.
The equity correlation itself, driven by the Federal Reserve and geopolitical tensions, has remained in the spotlight.
Meanwhile, popular trader and analyst Rekt Capital noted that the strength of February still prevented BTC/USD from reclaiming the two major exponential moving averages, which he previously said are needed to attack all-time highs in the future.
“Bitcoin failed to recover two EMAs in a bull market, and thus failed to break out of the upper half of the macro zone,” he said in a tweet.
“$BTC will continue to occupy the bottom half of the macro space until further notice.”
Detailed BTC/USD chart. Source: Rect Capital / Twitter
This macro area includes a low price of just under $30,000 – an annual opening since 2021, and since then Bitcoin has been actively trading in a range between that and $69,000.
Altcoins Share the Pain as BTC Drops
Losses rose just as strongly among Wall Street cryptocurrencies, with some of the top 10 cryptocurrencies by market capitalization losing 8% or more.
Related: Here are the BTC Price Levels You Can See When Bitcoin “Holds at $40K Threshold”
Ethereum (ETH) has fallen below $3,000 again, while all but one of the top 50 cryptocurrencies are in the red at the time of writing, except for Klaytn (KLAY), which is up 2%.