Bitcoin topped out breaking just above $40K, before facing steep resistance marked by a red triangle on the KRI, and was swiftly batted back down to support at $36.7K. This marks a 50% retacement from the rally off the Amazon news. This is somewhat of a make-or-break for Bitcoin and by extension, the entire crypto market. If BTC is not able to hold these levels, we could see a full retracement of the entire move. However, the fact that we were able to break $40K, even briefly, is a good sign. The Kovach OBV does appear to have topped out, suggesting that we could be due at least for some ranging. after such a move, BTC is bound to try to find footing in its new price territory.
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