BitcoinShort
Bitcoin Rallies Again, Meets Resistance
Bitcoin broke out and is hovering just under relative highs. We caught a nice pivot from 20.7K, but resistance from 23.9K is proving prohibitive at the moment. The Kovach OBV has picked up, but we must first break this barrier at 24K. It appears that some life has returned to the markets, as the GDP numbers yesterday indicated, by definition, that we are in a recession. This means that the Fed will have to turn to more dovish rhetoric, which may reinvigorate buying interest in stocks and crypto. If so, the next target is 25.1K. If we retrace, expect support from 20.7K.
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