Bitcoin saw a meager rally yesterday after finding support at $46.2K. What many thought was a pump, was a typical relief rally off low liquidity, that simply brought us back to our level at $48.2K. A proper rally should have at least tested the $50K handle. Bitcoin does look persistently weak, with choppy low liquidity trading continuing to plague the market. We really need to see some larger momentum come through, but even Musk's tweet yesterday about accepting Dogecoin at Tesla was not enough to budge the market. We are seeing a slight bull divergence in the Kovach OBV, which is drifting up. But $48.2K is proving to be a hard level to crack. If we are able to break it, then watch for resistance at $50K again. This is the level to break if we want to start trekking up to highs again. If not, we have support from a cluster of levels in the mid $45K's.
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You read it here!! Bitcoin rejected $48.2K and headed back to support at $46.2K!!
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