Bitcoin Dips Deeper into the $20K's

Bitcoin has rallied to highs at 23.9K and immediately retraced to support just above our level at 22.4K, which we predicted here. That highs at 23.9K is a formidable one, and was expected to provide strong resistance. If we break through it, then 25.1K is the next target, but it will take a lot of momentum. We don't expect much action before the CPI print this morning at 8:30AM EST, as the markets are watching this for a gauge on inflation. If we continue to selloff, then the 20K's should provide support, specifically at 20.7K.