Bitcoin Retreats from Relative Highs
After making new relative highs not to long ago, weakness has pervaded Bitcoin again. It touched the 50K handle briefly, but fell back to its comfort zone in the 40K handle. It is currently finding support at 46.2K. It appears that all the good news is already priced into the crypto market, and the big moves have already happened. If we don't have any more positive news, then we should range between 46.2K and 48.2K at best. At worst, we could test support near 45K. There are three levels in this vicinity, but then a vacuum zone below to 43.8K
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