Bitcoin Gives Up the $20K's
As predicted, Bitcoin retraced significantly, giving up the 20K handle entirely. It was looking like crypto was going to make a run for higher levels in the 20K's and bulls were already celebrating the next pump. However, reality set in and Bitcoin crashed through support at 20.7K. We are currently seeing support from 19.5K and are hovering below 20K at the time of this writing. This should provide some resistance. The Kovach OBV has dropped, but appears to be leveling off. We may seem some ranging here as the markets digest the drop and Bitcoin finds footing. If not, then 19K should provide further support with 18.6K a likely floor.
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