Bitcoin (BTC<\/a>) fell on the Wall Street open on Feb. 2 as another tech stock rout panicked traders.\u00a0<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0tracked BTC\/USD as it dipped below $38,000 as Wall Street began, giving back half of the gains secured on Feb. 1.<\/p>\n At the time of writing, the pair traded near $37,600 as tech stocks took a beating. These were led by PayPal, shares in which shed nearly 25% after the company reported missed earnings targets.<\/p>\n Data from Bloomberg showed<\/a> the extent to which early pandemic gains have been wiped out this year and last, in the case of PayPal 52% and others, such as Zoom and Peloton, by 70% or more.<\/p>\n With its latest dip taking bulls even further away from crucial resistance, analysts were thus uninspired by Bitcoin in the short term.<\/p>\n “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<\/a> on the day. <\/p>\n “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.”<\/p><\/blockquote>\n As Cointelegraph reported, not everyone expects an immediate downside<\/a>, with the possibility of a retest of $40,000 still possible for some.<\/p>\n On-chain data also remained encouraging despite the depressed price performance lingering. Building on\u00a0previous comments, statistician Willy Woo on Wednesday reiterated<\/a> that all is healthy for Bitcoin under the hood.<\/p>\n “Price in relation to on-chain demand from both speculative and hodl category of investors are now both at peak oversold levels,” he told<\/a> Twitter followers. <\/p>\n “The last time this happened was October 2020. The time before that was at the bottom of the COVID crash.”<\/p><\/blockquote>\n A look at derivatives markets saw<\/a> funding rates hold slightly negative at the time of writing, as fellow analyst William Clemente took the opportunity<\/a> to remind traders that negative rates may not necessarily be shorters “piling into” the market hoping for further deterioration.<\/p>\n Altcoins meanwhile remained broadly steady, with Ether (ETH<\/a>) the outlier out of major tokens with a 2.1% drop on the day.<\/p>\n Related:\u00a0All the world\u2019s Bitcoin can only pay 2.43% of $30T US national debt<\/a><\/em><\/strong><\/p>\n ETH\/USD traded at $2,680 after the Wall Street open, nonetheless still up 1.7% versus the same time a week ago.<\/p>\n Others in the top ten cryptocurrencies by market cap were either flat or down by a modest amount compared to Bitcoin’s 1.6% dip.<\/p>\n As Cointelegraph reported, Bitcoin has upped its market cap dominance<\/a> versus altcoins in recent weeks to reach a two-month high.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/a19d948f-6131-4bf8-a83c-be4647273dd8.png\")
Bitcoin: “Macro FUD is driving all”\u00a0<\/h2>\n
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Altcoins broadly weather the market storm<\/h2>\n
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