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.