Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping overnight to hit $42,000 for the first time since December.
Although not the upside breakout that many had wanted, the move was nonetheless predicted, Bitcoin essentially “filling” the space left after it briefly wicked to $41,800 early last month.
Those lows were the result of a liquidation cascade, and while long positions also felt pain this time around, skepticism remained as to whether the revisiting of $42,000 had been enough to put in a price floor.
“Honestly surprised we didn’t see more of a flush today if this was aggressive longs built up. Could still resolve to the upside,” analyst William Clemente wrote in a series of tweets about the action.