Bitcoin price declined sharply on the Wall Street open February 2, while another tech stock caused extreme fears to traders.
According to Data from Cointelegraph Markets Pro and TradingView Bitcoin plunged below $38,000 as Wall Street started, erasing half of the gains it accumulated on February 1st.
As of this writing, Bitcoin traded near $37,600 as tech stocks saw huge price plummets. The biggest loser was Paypal, which shed almost 25% of its value after the company reported missed earnings targets.
Meanwhile, data from Bloomberg illustrates that most early pandemic gains have been erased this year. For instance, Paypal declined 52% while Zoom and Peleton plummeted by 70% or more.
“Market structure for me is still clearly bearish under $39.6K. Would like to see daily closes over $40.2K before I felt a bigger rally possible,” popular Twitter account TXMC Trades summarized on the day.
“My base case is still a test of $29K-$30K (or lower) before any future price discovery. Macro FUD is driving all. HODL and wait.”
