Bitcoin’s Wild Ride: A $40,000 Breakdown
Bitcoin (BTC) was a bit like that kid in gym class who keeps tripping over the jump rope, finally fumbling its way below the $40,000 mark on February 18 when Wall Street opened its doors. BTC/USD had been flirting with the idea of a breakdown for a while, but when the moment finally arrived, it went down faster than a lead balloon.
The Two-Week Low Drama
As of now, Bitcoin is experiencing its first two-week low since February 4, with losses nearing 5%. Those who enjoy some crypto drama might relish the volatility surrounding Bitcoin. It seems the only thing moving consistently is the downward trend, with Bitcoin’s correlation to stocks drawing attention in an otherwise jittery market.
Stock Market Shenanigans and Geopolitical Tensions
Seemingly, Bitcoin decided to play peek-a-boo with the stock market, reacting to geopolitical tensions and the Federal Reserve’s whispers. It’s like watching a soap opera where everyone is caught in a love triangle – only instead of heart emojis, it’s all about green and red numbers.
Macro Range: A Lesson in Patience
Trading analyst Rekt Capital stated that Bitcoin’s attempts to reclaim two key exponential moving averages fell flat. The goal was to break into the upper half of the macro range, but alas, no victory this time. It seems like BTC will continue to wallow in the lower half of this range for a while, waiting for someone (a bullish hero, perhaps?) to come along and save the day.
Altcoin Avalanche
As if Bitcoin’s fall wasn’t enough to shake up the market, altcoins joined the pity party, with several top cryptocurrencies slipping by 8% or more. Ethereum (ETH) took a hit too, falling back below the $3,000 mark, proving that volatility is a shared experience in the cryptocurrency realm. Klaytn (KLAY) was the only one throwing a party, rising by 2%. The rest? Well, they were just wallowing in red.
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