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Two Reasons Why Bitcoin May Rally

Bitcoin has pressed lower, but is finding strong support just below 60K. We are seeing quite a bit of support around 59.4K, confirmed by a cluster of green triangles on the KRI around this level. We are starting to see quite a bit of volatility here, which likely suggests that bull momentum is soon to return. If so, the next targets are 61.6K, 62.4K, and 64.3K. If the bear momentum continues, then we will have further support from 57.7K, 56.8K, and 55.7K. The Kovach OBV was pretty bearish, but has turned up sharply providing a second long signal in addition to the KRI.

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