What to Expect with the Bitcoin Selloff

Bitcoin has bottomed out for now exactly at our support level of $47.4K. We have been calling out this level for the past two days, so hopefully readers were prepared. What is concerning about this selloff is not necessarily the dump itself, but the lack of interest in buying it back. We did not see the pivot off $47.4K that would be expected if there were more buying interest. We are holding the very narrow range between $47.4K and $48.2K. The Kovach OBV has dropped precipitously, and flatlined. If we see another dump, then expect support at $46.2K, $45.6K, or $45.0K. If we catch a bid, there is a vacuum zone above to $49.7K, which is likely to be a ceiling for now.