Bitcoin Struggles with $20K

Bitcoin is facing resistance around $20.4K, with several red triangles on the KRI to serve as confirmation around this level. This follows a higher than expected weekly unemployment figures and statements from the Fed that their rate hike outlook will remain hawkish. The Kovach OBV has wavered a bit suggesting we will need more momentum to come through to hit $20.7K. We expect the current range to hold with $19.5K as a lower bound and $18.6K to hold as a floor price. We don't expect any strong momentum to come through, but if so, we must break $20.7K to reestablish the $20K's and consider higher levels.