Bitcoin investors have their eye on the cryptocurrency this week as it tests a key level of $33,000 just days after touching $40,000 last Wednesday.

The cost of bitcoinCoin Metrics reported that it fell 4.5% to $33,041.00 at the last check. It fell to $32,650.25 earlier in the day, making it its lowest point since July. Since Thursday’s sharp declines, Bitcoin continued to fall, a trend that was mirrored by the sell-off in the stock markets. Bitcoin also fell further over the weekend.

Ether‘s moves over the past five days – crypto trading is 24 hours, including weekends – have followed bitcoin’s. The Monday price is down by 5% to $24,422.70

Fairlead Strategies founder Katie Stockton stated that bitcoin has followed the trend of the equity markets, and extended lower following a weak April. “Short-term momentum has deteriorated … and bitcoin is no longer oversold from a short-term perspective.”

Stockton said that bitcoin does not currently have any counter-trend indicators, but that the equity markets look poised for a rebound this week. This could be reflected in cryptocurrencies. For about one year, the crypto market led by Bitcoin has been closely correlated to moves in tech stocks and equities. The tech-dominated Nasdaq Composite Index suffered its worst month in April since 2008.

Stock futures were down across the boardThis will be Monday morning.

Yuya Hasegawa from Bitbank, a crypto market analyst, believes that the release of key U.S. inflation data for April could mark a temporary “turning points” for bitcoin.

Hasegawa stated that if the CPI does not show signs of slowing, this will increase the risk of faster monetary tightening. However, other inflation indicators are slowing down. The April CPI may follow the lead. This will help to ease market concerns and recover risk sentiment.

However, it wouldn’t suffice to reverse all market sentiments, he stated.

Hasegawa said that Bitcoin must maintain the psychological key level of 33,000 in order to avoid further declines in technical sentiment. It is expected to trade between $30,000-$38,000 next week, according to Hasegawa.