Two Reasons Why Bitcoin Plummeted
Bitcoin has plummeted, likely due to a stronger dollar, and hawkish Fed expectations. Wednesday's Retail Sales data demonstrated the impact of high inflation, and the probability of another 75bps rate hike is about 50%. We smashed through 22.4K, and are hovering in the range between 20.7K and 22.4K. The Kovach OBV took a very sharp turn down, and we will see if momentum will continue, or if we can hold current levels. We are seeing some greent triangles on the KRI which could indicate a pivot, but we will need more momentum to follow through.
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