The price of Bitcoin continues to decline, which began in early April. Such important support levels as 45500, 43600, and 43000 are left behind. And now, the BTC/USD pair is in danger of falling below the support of 42000.
According to Bloomberg analysts, Bitcoin is at high risk. If the US stock market opens trading with a drop in business activity indices, the price of Bitcoin may drop below $42000.
The correlation between BTC and Nasdaq is at an all-time high. Most likely, this dependence will continue in the coming days. And if the capital exits risky assets, which experts predict, BTC correction will become inevitable.
On the 4 hours chart, the BTC/USD pair attempted to return above 43000. It succeeded. But the BTC/USD pair has received increasing pressure above 43000 and is forced to stop. At the time of publication, the BTC/USD pair is trading below 42000. This is a dangerous signal. Because the pair continues to decline, it will test the intermediate support around 41800. A move below this level will send the BTC/USD pair to the key support of 41500. A break of this level will accelerate losses, which will lead to a decrease in the 40500 area.
If the bulls succeed in holding the BTC/USD pair above 42000 today, we do not exclude attempts to return to the 43000 area in the coming days. Here the pair will again face strong pressure. The breakup of this level will allow us to talk about the beginning of new growth. Now it’s too early to talk about it.