Bitcoin is ranging between $43.8K and $47.4K, the latter being a new technical level of resistance. We do appear to see some drift toward this upper bound, but no serious momentum. Thus it is likely we are to see further resistance here. Note that as the ranging continues, the probability of a breakout increases. We will see if Bitcoin has the strength to attempt to recover higher levels, or if it will prefer to its current range. We definitely appear to have established value in the $40K's, and at worst, the lower $40K's should continue to provide support. The next target on the upside is $48.2K then $49.7K.
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