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.
BTC's key support level was at 40,800 if you look at the 1D chart:
The next strong support is at 30800, which is where Musk first announced that Tesla had bought bitcoins, and we went up since the beginning of February. Now it is hoped that the price will not fix below the 40800 level, but now is fundamentally a very bad time to invest due to the events in China. So we can probably test the 30800 level as well before the reversal occurs.