Two Reasons Why Bitcoin Slid

Bitcoin has retraced sharply from its rally to the $41K's in a classic Bart Simpson pattern. Recall that exuberance over the Executive Order on crypto regulations sparked a big rally, which soon faded. Support failed to hold as $211M worth of liquidations crushed bulls. We have completely given up the $40K's and have returned to safety in the previous value area between $38K and $40K. The Kovach OBV has dipped sharply registering the selloff. If we do rally again, $41K will be even harder to break as it was established as a relative high. We should continue to see support from $38.2K, $37.7K, and $36.7K, which is the likely floor for now, but watch the vacuum zone below that to $34.9K.