Bitcoin has started the New Year with malaise, as it has continued to waiver in the range between $46.2K and $48.2K. This is a pretty narrow range for Bitcoin, which can easily span a whole $10K handle when the crypto market springs to life. However, we are holding a narrow range, with choppy trading and low liquidity, with the same weakness with which we concluded 2021. Thus, the risk is to the downside, as when the markets don't want to move with you, they are probably conspiring to move against you. We have levels in the mid $40K handle which remain to be tested, such as $45.0K, and $43.8K. Watch these levels for a potential buy-back on dips. We must solidly break $48.2K, then $49.7K before we can solidify the $50K handle. Stay tuned for a longer term outlook of what 2022 may hold for Bitcoin and crypto.
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