Two days of heavy selling have erased the April rally in bitcoin and knocked it back to $28,000. It's still up 40% in the past six weeks but the turn marks an end to the latest leg of momentum.
Bitcoin has also had a knack for leading changes in risk sentiment. The decline today, along with a 10.5% fall in Tesla shares shares points to broader trouble ahead.
As for bitcoin itself, there isn't much on the chart right now to argue for aggressive selling. There's solid support down to the late-March lows of $26,500. However if that breaks, then the momentum trade can hit hard. Just look at the big red candles on the chart in the past year.