Good news is here, the big players are starting to transfer stablecoins to exchanges! Is a bull market coming in February???
Bitcoin has been a bit off lately, with the price dropping over 2% directly. Just on Sunday, it hit a low of $92,941. However, BTC has slightly rebounded now, trading above $93,000.
After Christmas, the market generally fell, but now there’s a good sign in the cryptocurrency market, which is that those big players are starting to transfer stablecoins to exchanges.
Speaking of Bitcoin, historically, the fourth quarter is usually a period of strength for Bitcoin and those altcoins; that's just how the market cycle works. Right now, we are in a trough period, which is common after halving events, like the upcoming halving in 2024. In the past, Bitcoin has surged significantly in the year following each halving.
But the market is not just about Bitcoin itself; global liquidity and government actions are external factors that also need to be considered. I heard that Janet Yellen, the U.S. Treasury Secretary, mentioned that the U.S. will hit the debt ceiling in mid-January, which might lead to more money printing and quantitative easing. This is good news for an asset like Bitcoin.
Looking ahead, January is expected to pass quietly, with real excitement starting in February. March has always been a good month, but April and May might need slight adjustments due to the tax season. After that, the market might heat up again in the summer, continuing until the fourth quarter.
As for Bitcoin's next steps, it is currently fluctuating within a range; it hasn't completely broken down but is also trying to find support and resistance levels. If it stays below $94,270, it might drop further, likely around $91,400.
However, if it breaks through the resistance level of $94,270, that could be a good sign for a turnaround. But as it stands, the price seems a bit soft, so we need to keep an eye on the movements below the support level to see if it drops further.
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