Disappointing day for bitcoin as it gives back gains and turns lower

Bitcoin continues to be tightly correlated with the Nasdaq. Like the tech index, it was higher early but slumped shortly after the equity open. Bitcoin earlier held $41,000 but has now broken through, falling $330 to $40,960. The reversal unwinds a move that looked like it could be a building block for something bigger. It highlights at $39-$43K range as a potential area of consolidation. The good news for the bulls is that the sequence of higher lows in January, February, March and April remains intact. So long as the area of support from $30-$32K remains in place, there's reason for optimism.