According to CoinMarketCap, the price of Bitcoin temporarily dipped below $40,000 in the last hour.
Bitcoin’s price changes are part of a larger negative price run for the flagship cryptocurrency, which has now rebounded to slightly over $40,400. Bitcoin has lost more than 3% in the previous 24 hours and more than 7% in the last week.
Bitcoin’s lackluster start to the year continued in 2022 when it started at about $47,000.
Bitcoin has plummeted to two-week lows
BTC/USD was teasing a $40,000 collapse throughout Friday, according to data from TradingView, with many attempts witnessing greater rebounds until the barrier ultimately gave way. The situation remained uncertain at the time of writing, with the pair’s 24-hour losses surpassing 5% and volatility rising.
Bitcoin last traded below $40,000 on February 4, making the current price a two-week low. The spotlight remained on stock correlations, which were shaken by the Federal Reserve and global tensions.
#bitcoin remains highly correlated to risk assets. It too remains in a confirmed downtrend. Day 25 heading into the Half Cycle Low. It has a new Cycle Low scheduled around March 24th, same as stocks! It’s on a clear path, bulls are the one’s who need to change that. — Bob Loukas (@BobLoukas) February 18, 2022
Rekt Capital, a popular trader and analyst, remarked that despite February’s success, BTC/USD had failed to retake two important exponential moving averages that he had previously claimed were necessary for a future attack on all-time highs.
“Bitcoin failed to break into the top half of the macro range since it was unable to retake the two Bull Market EMAs,” he tweeted.
“$BTC will continue to occupy the lower half of the macro range until further notice.”
The annual open from 2021 contains 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, cryptocurrency losses were also growing, with several of the top 10 cryptocurrencies by market size shedding 8% or more. 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%.