BTC price targets stayed bearish with a zone of interest below $50,000 as macro assets saw increasing downside pressure at the Wall Street open.
Bitcoin (BTC) fell toward $60,000 around Tuesday’s Wall Street open as traders issued fresh macro low targets.
Key points:
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Bitcoin sees further pressure with traders lining up for $60,000 and lower.
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AI nerves are impacting assets from gold to stocks, new analysis says.
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“Fair value” may mean that BTC price action fills and inefficiency around $45,000.
Bitcoin joins stocks and gold in US session slump
Data from TradingView tracked another grim day for Bitcoin bulls, with BTC price downside nearing 3% on the day.
Failure to reclaim support increasingly placed a long-term trend line at risk of becoming resistance — a classic bear market signal. As Cointelegraph reported, the 200-week simple (SMA) and exponential (EMA) moving averages now enclose the local trading range.
“Bitcoin has Weekly Closed below the 200-week EMA (black),” trader and analyst Rekt Capital wrote in an X post on the topic on Monday.
“This technically means that the EMA has been lost as support and that price could turn it into resistance on any upcoming recovery. Historically across cycles, whenever Bitcoin performed a Weekly Close below the 200-week EMA followed by a bearish retest, it would prompt additional Bearish Acceleration to the downside.”
Trader Jelle had no illusions about Bitcoin’s direction or its nearest round number target.
“Trend remains clear; lower. $60,000 wick in sight,” he summarized.
“Take it out, and we can talk relief rally. Until then, the slow bleed continues.”
Crypto was not alone in lackluster performance on the day. Gold also fell into the US trading session, down 2% at the time of writing at $5,140.
US stocks also headed lower at the open, still under pressure from geopolitical tensions focused on Iran, as well as new US international trade tariffs.
Commenting, trading resource The Kobeissi Letter pinned the depressed mood on misplaced concerns over AI.
“The stock market just erased -$800 BILLION in market cap because AI ‘taking over the world’ is becoming the consensus view,” it wrote in an X article released on Tuesday.
“That view is too obvious. And the ‘obvious’ trade never actually wins.”
”Fair value” calls for $45,000 BTC price dip
Amid a flurry of sub-$50,000 BTC price targets, trader Crypto Scient added to the debate over where BTC/USD could bottom.
Related: Bitcoin ETF sell-off is ‘purification’ of bull case, investor says
In addition to $50,000 itself, analysis eyed a “fair value gap” around $45,000. Such gaps are created when price moves quickly out of a range, resulting in a low-liquidity “inefficiency” to be filled later.
“I expect that region to be filled before a meaningful bottom forms,” Crypto Scient told X followers on Feb. 12.
“The market rarely leaves inefficiencies behind.”
As Cointelegraph reported, the range between $40,000 and $50,000 is becoming a popular area for a potential bottom.
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