Bitcoin (BTC) plunged to new monthly lows on April 3, hitting below $82,000 at the Wall Street open due to US unemployment data impacting risk assets. The S&P 500 followed suit, dropping over 4% on the day, marking its largest decline since the 2020 pandemic lockdowns. The US initial jobless claims were below estimates, with 219,000 claims versus the expected 228,000, indicating a stronger labor market trend. However, this trend often leads to weaker performance in risk assets as it suggests tighter financial conditions. Market data still predicts an interest-rate cut from the Federal Reserve at the June FOMC meeting. The bearish BTC price action is expected to continue for “3-6 months” as $80,000 support level is approached. Glassnode reported a new “death cross” pattern in Bitcoin, indicating weakening momentum and potentially leading to bearish trends. Speculative sell-offs have not reached levels typically seen at BTC price tops. Market analysts anticipate limited upside due to tariff responses and increased short positions in major crypto pairs. This article does not provide investment advice, and readers are advised to conduct their research before making any decisions.