Bitcoin Stable After Wild Ride
Bitcoin plummeted earlier this week off news that major exchange FTX is essentially insolvent. Binance offered to bail them out, but later pulled the deal, exacerbating the situation. Bitcoin tumbled past our level at 17.6K, deep into the 15K's before we pivoted back to 17.6K, after CPI came out softer than expected suggesting that the Fed may pivot in its hawkish rhetoric. Risk-on assets have rallied but the FTX debacle still weighs on crypto. Bitcoin is still bounded from above by 17.6K, and the Kovach OBV has barely inched up. We have had to reference levels we haven't considered in years to get the next level of support down at 15.1K.
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