Bitcoin Finds Support

31 Mar 2021

Bitcoin reached 59.4K, before a sharp retracement brought it back down to 57.7K. We do seem to be finding support here, but a further retracement could easily bring us to 55.7K or 54.3K. This is not the momentum we anticipate on a proper crypto moon. It seems that Bitcoin is complacent at maintaining the range between 50K and 61.5K for the time being. In the broader sense, we are definitely in a sideways correction pattern and this is likely to continue until some momentum builds. The Kovach OBV is very gradually picking up steam but again, this is nothing significant with respect to what we have seen for Bitcoin.