After two weeks of over $40,000, macro forces have finally given way to Bitcoin price activity.
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-weels lows.
Throughout February 18, data from Cointelegraph Markets Pro and Trading View showed BTC/USD flirting with a $40,000 breakdown, with many attempts witnessing greater rebounds until the level eventually 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.
Stock correlations, which have been rocked by the Federal Reserve and global concerns, have stayed in the spotlight.
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.
"Until further notice, $BTC will remain in the bottom half of the macro range."
BTC/USD chart with annotationsRekt Capital/Twitter is the source of this information.
The annual open from 2021 contains a floor price of slightly around $30,000. Bitcoin has effectively traded in a range between there and $69,000 since then.
As BTC declines, altcoins share the agony.
At the Wall Street open, cryptocurrency losses were also growing, with several of the top 10 cryptocurrencies by market size shedding 8% or more.
With Bitcoin "hanging on the $40K cliff," here are the BTC price levels to keep an eye on.
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%.
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