Bitcoin tumbles to six-week low as risk assets extend losses

Bitcoin (BTC-USD) is falling to six-week trading lows Monday morning as investors pull out of stocks in the wake of aggressive Fed tightening. Ethereum (ETH-USD -2.6%) is also extending losses to its lowest since mid-March, standing at $2.86K, as all three major U.S. stock market indices point to a weaker opening. On a technical basis, bitcoin (BTC-USD -1.9%) is dipping to $38.8K and it's moving further away from its 200-day simple moving average, recently changing hands at $44.1K. But it still remains rangebound in a nearly four-month channel. Meanwhile, “Bitcoin looks to be breaking a pivotal minor two-month trend on Friday’s pullback that likely causes weakness down to test January lows,” said Fundstrat Technical Strategist Mark Newton, as reported by Bloomberg. He added that if BTC falls through $36.3K, that "should lead to a full retest of $32,950 without too much trouble.” While markets price in a 50-basis point rate