Bitcoin Rejects Higher Levels

Bitcoin made a run for higher levels, breaking through resistance at $45K, but topping out at $45.6K, exactly as we predicted here. It seems that inflation data and increased Fed rate hike expectations have taken their toll on crypto. We appear to be maintaining the $40K's for now, but have retraced sharply to $43.1K. This level has held strong in the past, but if not, then we have a vacuum zone to two strong levels in the $41K's. If bull momentum returns, we have several levels in the $45K-$46K range that should slow us down, but if not, the next target is $47.4K.