Bitcoin (BTC<\/a>) recovered above $37,000 on Feb. 3 after a stocks rout took the wind out of bulls’ latest attempt to crack $40,000 resistance.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD staying lower after briefly hitting $36,650 on Bitstamp Wednesday.<\/p>\n The weakness followed shock losses<\/a> for U.S. equities at the Wall Street open on Wednesday, with major names such as PayPal shedding huge portions of their value after underwhelming performance reports.<\/p>\n Major stocks have been experiencing extraordinary moves post earnings after hours this season<\/p>\n Netflix -22% Liquidity and the Fed’s put are both gone<\/p>\n \u2014 Alex Kr\u00fcger (@krugermacro) February 3, 2022<\/a><\/p><\/blockquote>\n Meta then followed in the after hours, hemorrhaging 20% of its share price in the wake of data showing it had begun losing users for the first time.<\/p>\n Facebook “Meta” going to zero as investors learn the metaverse literally doesn’t exist<\/p>\n \u2014 Cobie (@cobie) February 2, 2022<\/a><\/p><\/blockquote>\n While Bitcoin proponents were quick to poke fun at the events, frustrating price action meant that the area identified as a key resistance\/support flip looked all the less likely to break.<\/p>\n “If Bitcoin loses this level at $37Kish, I think it will start to drop fast towards the lower bound of the region around $34-35K,” Cointelegraph contributor Micha\u00ebl van de Poppe said<\/a> overnight.<\/p>\n Van de Poppe added that going forward, the strength of the U.S. dollar<\/a> could be key to understanding the coming moves for crypto markets as a whole. The U.S. dollar currency index (DXY), with which crypto is traditionally inversely correlated, lost big in recent days.<\/p>\n “It’s really dependent on the DXY on what we’re going to see on the crypto markets,” he told<\/a> Twitter followers. <\/p>\n “If the DXY is reversing in the coming weeks towards a downwards trend, that should be a huge accelerator for upwards momentum for Bitcoin.”<\/p><\/blockquote>\n Altcoins meanwhile extended their losses on the day, with the top ten cryptocurrencies led by Solana (SOL<\/a>), down nearly 10%.<\/p>\n Related:\u00a0Price analysis 2\/2: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX<\/a><\/em><\/strong><\/p>\n A host of issues<\/a> for the platform had contributed to downward price pressure, with SOL\/USD trading under $100 at the time of writing.\u00a0<\/p>\n Other weak performers were Polkadot (DOT<\/a>) and Terra (LUNA<\/a>), while Ether (ETH<\/a>) was down 3.4% on the day.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/a6e8f97f-3335-460b-8563-8c9356d67582.png\")
“Extraordinary moves” for stocks<\/h2>\n
\n
Apple +7%
Google +11%
Paypal -20%
Facebook -22%
Spotify -23%<\/p>\n\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/383491b4-eb8a-41eb-aea1-4f7f6e88e0a2.png\")
Altcoins catch up to Bitcoin’s losses<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/27dc99cd-c121-4633-9ee2-61d84e0fd2b0.png\")