Bitcoin faces hurdles as market pullback continues.

Bitcoin's failure to move beyond $30,000 decisively has raised concerns of a potential downtrend in Q2. The strengthening negative correlation between Bitcoin and the US dollar index (DXY), which has undergone a rebound, suggests a souring risk appetite would be a boon for the dollar, while increasing the risk of Bitcoin failing to reclaim $30,000 in the short term. Gold's rally has brought its price to an infamous horizontal resistance level near $2,075, which could trigger a sharp bearish reversal phase. A significant move lower in M2 could foreshadow new lows for Bitcoin, which often moves in tandem with US stock indexes. Bitcoin appears to be heading toward the $15,000-$20,000 price range, depending on its potential breakdown point from what appears to be a rising wedge pattern.