Can Bitcoin Regain $40K??
Bitcoin has rejected the 40K's yet again, feeling the weakness from stocks, and strength in the US dollar. The Kovach OBV is registering the selloff, but does appear to be bottoming out, suggesting Bitcoin may be finding support at current levels. We did see support from 37.7K, one of the exact levels we identified here. However, we are not seeing much momentum come through, and are facing immediate resistance from the next level above at 39.2K, confirmed by a red triangle on the KRI. If we are able to break through, then we will likely face extreme resistance in the low 40K's. If we break through 37.7K, then 36.7K is our next target for support.
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