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Bitcoin’s price fell on Feb. 21 as the US stock markets opened down, causing selling pressure on BTC. The decline saw BTC/USD dip to daily lows of $24,324 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. This occurred as the cryptocurrency faced swift rejection in its latest attempt to flip $25,000 to support. Furthermore, there were suspicions about whale movements on exchanges, and a monitoring resource called Material Indicators concluded that the 200-week moving average (MA) at $25,100 needed to become support for Bitcoin to change its long-term trend.

Bearish Prognosis for S&P 500 May Weigh on Crypto

The S&P 500 had a bearish prognosis, with risk asset performance still liable to weigh on cryptocurrencies, according to Caleb Franzen, a senior market analyst at Cubic Analytics. The S&P 500 was down 1.3% at the time of writing, while the Nasdaq Composite Index was 1.7% lower. Although the US Dollar Index (DXY) is broadly inversely correlated with stocks and crypto, it also took a hit at the open, dropping to 103.77 before rebounding.

Short-term Corrections Seen as Relatively Shallow

Cointelegraph contributor Michaël van de Poppe, CEO and founder of trading firm Eight, took an optimistic short-term view, stating that the current dip would be temporary. He said that markets were correcting, which is great for people looking for entry points, and added that there might be a bit more decline before a turnaround. He also noted that the FOMC minutes on Feb. 22 could potentially be a market catalyst. Poppe further argued that the price corrections in Bitcoin were “relatively shallow,” and that the cryptocurrency remained “super cheap for Bitcoin” from an investment perspective.


The bearish signals from the US stock markets have caused a decline in Bitcoin’s price, which fell to daily lows of $24,324. The decline occurred as the cryptocurrency faced swift rejection in its latest attempt to flip $25,000 to support. While some market analysts have taken a bearish view on the S&P 500, others remain optimistic about Bitcoin’s short-term outlook, with price corrections seen as “relatively shallow.”

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