Bitcoin broke out and is hovering just under relative highs. We caught a nice pivot from $20.7K, but resistance from $23.9K is proving prohibitive at the moment. The Kovach OBV has picked up, but we must first break this barrier at $24K. It appears that some life has returned to the markets, as the GDP numbers yesterday indicated, by definition, that we are in a recession. This means that the Fed will have to turn to more dovish rhetoric, which may reinvigorate buying interest in stocks and crypto. If so, the next target is $25.1K. If we retrace, expect support from $20.7K.
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