Bitcoin (BTC) price action is showing strength and volatility after seven weeks of consolidation.
Bitcoin price has rallied 5.05% in the last two days and is up over 2.10% on Friday. Two out of the last three new moons have created local tops. The fourth new moon is on February 9, which leaves investors wondering about a potential correction. A weekly candlestick below $41,395 will prove fatal for BTC and could trigger a steeper correction. Bitcoin price action is showing strength and volatility after seven weeks of consolidation.
Bitcoin ETF inflows have been bigger than Grayscale's outflows for 9 days in a row. pic.twitter.com/CinWkhXoA2 — Bitcoin Archive February 9, 2024 BTC price turns over a new leaf Bitcoin price development over the last week is promising and forecasts a continuation of the 2023 bull rally. The key developments due to the recent uptick are: BTC overcame $42,289, which is the midpoint of the last cycle’s bear market crash of 77%.
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