Bitcoin’s bearish momentum continued over the weekend as the broader crypto market lost tens of billions of dollars. As mentioned in my previous analysis, the bearish momentum could persist towards $37K.

Yesterday, the benchmark cryptocurrency bottomed at the $37.5K low, its lowest point since early March, as the bearish sentiment persists.

The aggressive bearish momentum came as traders priced in a 50 basis points ( bps ) rate hike from the US Fed in its upcoming FOMC meeting and a possible 75 bps hike in June. That said, a release of the inflation data on Wednesday could prompt a sharp rebound for the crypto market, considering the downside has already been priced-in.

In the meantime, I expect BTC to maintain a bearish outlook under $40K until May 4.

Meanwhile, my resistance levels are at $38,500, $39,000, and $40,000, and my key support levels are at $37,000, $36,000, and $35,000.

Total Market Capitalization: $1.71 trillion

Bitcoin Market Capitalization: $723.1 billion

Bitcoin Dominance: 42.2%

Market Rank: #1