On Tuesday, Feb 8, Bitcoin (BTC) climbed all the way to $45,000 in a continued rally to the north. However, it seems like the world’s largest cry[ptocurrency is witnessing a partial retracement and is currently trading 1.58% down at $43,500 levels.
With the recent price surge, Bitcoin has managed to give a breakout from its falling trendline since November. Matt Maley, chief market strategist at Miller Tabak + Co. told Bloomberg that Bitcoin could be taking a rest for some time after the recent pullback without disturbing much of its last week’s gains. Maley further added:
“Today’s pullback is due to some profit-taking after a big move. Bitcoin had rallied about 38% on an intraday basis in less than two weeks, so I think it’s just a matter of traders taking some short-term profits.”
Courtesy: Bloomberg
However, analysts say that we must be careful going ahead this year as they are expecting more volatility in the coming days. The Federal Reserve is set to increase interest
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