Bitcoin has suffered a massive selloff over the weekend, following a Twitter rumour that the US Treasury was considering a money laundering crackdown on cryptos. We plunged as low as $51.5K before equilibrating and BTC was swiftly bought back to support in the $55K range. A level which once provided support at $57.7K now appears to be offering some resistance. The Kovach OBV has registered the tremendous bear momentum, but has picked up significantly with the buy back. We are seeing it turn slightly which may suggest another selloff is near, or at least that BTC will maintain current levels for a bit to feel out the new price range. Long term, this selloff is transient and we should be back to bull mode within the week at latest.
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