Bitcoin Lags in the Lower $40K's 🥱

17 ene 2022Bitcoin has wavered in the neighborhood of 43K. The Kovach OBV has completely flatined, and we have drifted down slightly from 43.8K which appears to be a prohibitive high for now. Several red triangles on the KRI have confirmed resistance every time we have made an attempt for this level. There is a vacuum zone above it back to the mid 40K handle at 45.0K if we are able to finally break it. There is much more downside risk at this point, with waning institutional interest in Bitcoin, and weak technicals. The price action has 'rounded off', but still remains confined in a very narrow range, bounded from below at 41.9K or so. If the lack of buying interest continues, we expect another dip down to the low 40K's, which potentially may entice buyers. The last time we tested the lower 40K's, we did not see a flood of buying, or at least enough to help us even see the mid 40K's. Our next target to the downside, should 40K be broken is 38K.