Bitcoin Faces Resistance At $45K

2 Mar 2022

Bitcoin has held highs after regaining the 40K handle. We blasted past resistance to test 45K once again, where we are currently meeting resistance as confirmed by red triangles on the KRI. The Kovach OBV has leveled off so we are likely to continue to range until more fundamental interest returns. Sanctions on Russia appear to be boosting crypto prices, perhaps suggesting Russians may use crypto as a way to evade sanctions. If we see more buying interest come through for BTC, then we must first break 45K, then $47.4 is the next major target. If we retrace, we should have support at 43.1K, but after that there is a vacuum zone below, where we will have further support in the 41K's.