Bitcoin heads for $42K support as stocks pullback nudges BTC price lower
Bitcoin (BTC) broke through $43,000 after the March 3 Wall Street open with U.S. equities trending down.
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it stayed within a narrow intraday range Thursday.
$43,000 had held as support overnight, nonetheless seeing multiple tests as traders eyed a potential bounce zone around $1,000 lower.
#BTC take out the previous swing low, lining up nicely with the green box pic.twitter.com/rplkQ0rhIS
"The last segment of our corrective structure that preceded the 3rd impulse wave from 10k to 60k+ was a triangle, would be nice to see something similar here if our bottom is in," popular Twitter account Credible Crypto said Wednesday comparing current behavior to the bull run which began in September 2020.
Others had previously considered a slightly higher local top may enter prior to continuation of rangebound action.
At the time of writing, BTC/USD was at around $42,500, marking a low point for March.
Stocks were on edge on the day, with the S&P 500 down 0.7% a day after the clearest signals on a possible key rate hike yet from the United States Federal Reserve.
Geopolitical turmoil focused on Europe likewise remained the decisive macro force in play, as Russia and Ukraine met to begin further negotiations.
Professional trading firm QCP Capital meanwhile focused on Bitcoin's potential advantage over largest altcoin Ether (ETH) as macro events unfolded.
Related: Bitcoin a 'good bet' if Fed continues easing to avoid a recession — Analyst
Bitcoin, the firm argued in an update to Telegram subscribers Wednesday, is regaining its safe-haven status, while altcoins are unable to say the same.
"The focus on BTC was reflected even in the vol markets with 10d realized volatility 4%
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