Bitcoin price declined sharply on the Wall Street open February 2, while another tech stock caused extreme fears to traders.
![](https://s3.cointelegraph.com/uploads/2022-02/a19d948f-6131-4bf8-a83c-<div class="stul-main-outer-wrap stul-content-locked stul-soft-mode">
<div class="stul-blur-overlay">
<div class="stul-form-wrap stul-template-2 stul-free-version">
<form method="post" action="" class="stul-subscription-form" data-form-alias="stul-free-version">
<div class="top-lines">
<span></span>
<span></span>
<span></span>
</div>
<div class="padding">
<h2 class="stul-heading-text">
<span class="icon"><i class="fa fa-lock" aria-hidden="true"></i></span>
Enter Email to View Articles <span class="icon"><i class="fa fa-lock" aria-hidden="true"></i></span>
</h2>
<div class="both-fields-wrap">
<div class="stul-field-wrap name-field">
<label for="stul_name" class="sr-only stul-hidden-item">Enter Name</label>
<input type="text" name="stul_name" class="stul-name" placeholder="Enter Name"/>
</div>
<!--Email Field-->
<div class="stul-field-wrap">
<label for="stul_email" class="sr-only stul-hidden-item">Enter Email</label>
<input type="email" name="stul_email" class="stul-email" placeholder="Enter Email"/>
</div>
<!-- Email Field-->
<!-- Subscribe Button-->
<div class="stul-field-wrap">
<input type="submit" name="stul_form_submit" class="stul-form-submit" value="Subscribe to Content"/>
</div>
</div>
</div>
<div class="stul-form-message"></div>
<span class="stul-form-loader-wraper">
<div class="stul-form-loader stul-form-loader-1">Loading...</div>
</span>
</form>
</div>
</div>
<div class="stul-lock-content" >
</div>
</div>
be4647273dd8.png)
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.”
[/subscribe_to_unlock_form]
