Bitcoin price levels to watch as Terra buys 2.5K BTC to nearly match Tesla

cointelegraph.com:

Bitcoin (BTC) is keeping traders on the edge of their seat this week as support levels come close to breaking.

Data from Cointelegraph Markets Pro and TradingView shows that lines in the sand below $40,000 barely remain intact after multiple retests.

The $40,000 mark has been working overtime in recent days as Bitcoin’s macro-fueled downtrend continues to play out. Falling in line with tech stocks, BTC/USD has erased almost all of its gains from the second half of March.

Now, the $30,000-$40,000 corridor has appeared as a short-term target once again, and may see Bitcoin stage a replay of its behavior from Q1 this year.

Support levels of interest include one from last month’s push higher, $39,600, which bulls are just about managing to defend despite several crossings lower.

$BTC levels for now are still 45.5, 42, 39.6

Below that, whale buying zones could act as a safety net, on-chain monitoring resource Whalemap noted Tuesday.

Popular trader Crypto Ed meanwhile is eyeing $38,600 as a short-term bounce area, underscoring the mixed consensus over just how far Bitcoin could fall.

As Cointelegraph reported, Arthur Hayes, ex-CEO of derivatives platform BitMEX, expects the largest cryptocurrency to trade at $30,000 in June.

On longer timeframes, analyst Kevin Svenson meanwhile eyed the 600-day simple moving average (SMA) as a key support line now being retested in what could be a significant event.

“BTC has not closed a daily candle below the 600d/SMA since the COVID-19 crash,” he noted.

For the newest bigtime Bitcoin buyer on the block, however, it is business as usual.

Related: Bitcoin spikes with stocks as US inflation hits highest since 1981

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