Why Has Bitcoin Been Crashing And What's The Outlook?

The recent collapse in TerraUSD and LUNA has also impacted Bitcoin significantly. As a result, crypto investors bailed out in droves as they were concerned about a crypto winter.Our price action analysis suggests a short-term bottom could be in play. However, we have tempered our medium-term outlook due to a subtle bull trap formed in April.We reiterate our Buy rating in Bitcoin, with a price target below $46K. However, we caution that the bull trap of $65K remains a significant impediment to its re-rating.We also urge investors to implement strict stop-loss risk management if Bitcoin breaks below its current level. The potential drop to its next level implies a massive 87% downside.