Bitcoin new resistance level

Since $40K has become the new barrier level for BTC, Bitcoin bearish are tightening their grip.

For the third day in a row, the price of Bitcoin (BTC) has fallen below the $40,000 barrier, and the worsening state of traditional markets is most likely to blame. For example, the S&P 500 is down 5% since the WTI crude price fell 9.5% in seven days starting on April 20, wiping out all the gains made since March 1.

According to Timothy Moe, chief Asia-Pacific equity strategist at Goldman Sachs, "it's no surprise, and it makes all sorts of logical sense that the market should be concerned about the Covid situation because that clearly is impacting economic activity." In the meantime, China has been struggling to contain its worst outbreak of Covid-19 despite strict lockdowns in Shanghai.