Bitcoin recorded an unprecedented 40% rally in Jan. 2023, however, the vertical movement hasn't carried into the first week of February. There's no cause for alarm; corrections are a healthy sign, and long, vertical rallies are usually unsustainable.
This dip could take nervous bulls out of the market, enabling hodlers and investors to add to their existing positions. At the moment, the 20-day EMA is likely to act as strong support. BTC forming a consolidation zone near the $22,400 level wouldn't be out of the realm of possibility.
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Some analysts believe that an indication by the Federal Reserve to pause interest rate hikes could trigger a ''crypto summer.'' Furthermore, the Bitcoin halving (set to take place in 2024) has historically been a bullish catalyst. The signs look good.
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