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Bitcoin slips below $40,000, altcoins suffer too

 


Bitcoin ( BTC ) slipped below the psychologically important 40,000 US dollar mark on Friday evening, which means that all eyes are now inevitably directed downwards.


Back to two-week low

BTC/USD had threatened to break the $40,000 support, which finally collapsed after multiple attempts.


At the time of going to press, a daily loss of just under 5% was recorded. It is not yet clear whether and when another crash will follow.


After all, Bitcoin is already driving a two-week low with the downturn below USD 40,000, because the important mark was last undercut on February 4th.


The correlation to the stock market, which in turn was hit noticeably by the most recent announcements by the US central bank, remains intact.



Crypto expert Rekt Capital notes that February's strength so far hasn't been enough to recapture two crucial moving averages that could protect against a plunge into deep waters. This also makes an attack on the current record high all the more unlikely.


"Bitcoin failed to scale the two EMAs, so the breakout of the price range failed," the expert notes . To which he adds:


"BTC will therefore remain in the lower half of the price range for the time being."


The bottom of the price range is just under $30,000, the start of 2021, from where it went down to the existing record high of $69,000 last year.


Altcoins are also bleeding

For the altcoins, meanwhile, things are looking similarly weak today, with some of the top 10 cryptocurrencies even losing more than 8%.


Leading altcoin Ether ( ETH ) also retreated below the crucial $30,000 mark and all but one cryptocurrency are in the red. Only Klaytn (KLAY) can crown himself as the inglorious winner of the day with a plus of 2%.

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