Over a week ago I made an analysis on BTC and the correction it was facing.
Back then, my main argument was that this was a healthy correction, given that the would hold. Around a week later we can safely conclude that this correction is going deeper than initially anticipated. Main driving force behind this correction is the last week's strong sell-off of the NASDAQ, fueled by interest rate fears.
If you're unsure about why interest rates are of importance for BTC , please take look at my recent post where I explain why they are of such importance for investors.
As of now, BTC is residing on the diagonal dotted support line. If this support will fall I think we're going to see further downside, $40k or even $37.5K are realistic targets. In case stocks will see a recovery next week, I think we can finally start a move towards $50k.