BTC bounced hard from the $42,000 key level. The important level to flip is $48,000 area. BTC needs to reclaim the $48,000 and then the $51,100 area to again turn bullish. There is a potential double bottom on lower time frame. The dump is artificial and market now recovering. This is a good sign. BTC also tested the 200 EMA which is bullish sign. In bull market 30-40% dips are normal and considered as buying signal.
I agree that this is a good sign.
I've seen people panicking just because bitcoin hit $42k and treats it as another low price level. But did they forget that when we first hit $42k on February, it's all about celebration?
It has somehow stopped a bit from $42k-$43k and that's probably the lowest that it can go but still, don't panic and take your cash and buy bitcoin while it's on that low.