Bitcoin traders say $40K is the ‘line in the sand’ after BTC and stocks sell-off

shows that the crypto market was hit with a wave of selling beginning near midday on Feb. 17 that dropped BTC to a daily low of $40,743 before bulls bid the price back above $41,000.Here’s a look at what traders in the market are saying about the price dip for Bitcoin and what it means in the largeer scheme of things as global tensions ramp up.

Based on the red box highlighted by van de Poppe, Bitcoin would need a clear breakout above $50,000 to flip the bias toward bulls.“Nothing really changed. This one is still the one I'm looking at for Bitcoin in which I'd prefer to see a break of this weekly order block. If that doesn't happen, then I'm not bullish.”Evidence that even experienced traders can be caught off guard by sharp moves came from"Pentoshi," a pseudonymous Twitter user whoBTC/USD 1-day chart.

A final bit of perspective on what traders should keep in mind during times like these was offered by options trader and pseudonymous Twitter user John Wick, who posted the following tweet addressing concerns regarding rising U.S. interest rates and the situation between Russia and Ukraine.Russia and rate hikes are the variables.

We will have to just wait and see how it is all absorbed. Most news is overhyped and can eventually be faded.The overall cryptocurrency market cap now stands at $1.867 trillion and Bitcoin’s dominance rate is 41.8%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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