The Bitcoin pullback has now taken a deeper turn and we have fallen back to $40k which is a key Psychological level and potential support.

A break lower here would open up $38 and $34k which is the recent lows of this year.

The market correlation with Crypto and traditional stock risk appetite is getting closer and a reversal in US stock markets should help Bitcoin get support.

Range trading is a third option that BTC can enter into with an orbit around $40k but such a outcome is abnormal for Bitcoin .

Buyers want to see a break above $40600 in the short term and then likely we test $42000.