Bitcoin Retraces Bull Attempt

Bitcoin saw a brief divergence with risk-on assets, as we commented yesterday, which proved to be a fluke. We mentioned that we would see resistance around 20K, which is exactly what happened. Prices were quickly batted down to 18.6K, which we also anticipated would be the case. From here, it is critical that levels hold, or we will establish lows again of 17.6K. Support is holding, but is looking quite weak. If we somehow are able to pivot again, then 20K is sure to hold as a ceiling.