"A corrective pattern is countertrend to the larger trend in force"
Every time an obituary is written for Bitcoin, the granddaddy of cryptocurrencies manages to resurrect.
As a Jan. 25 CNBC headline noted:
Investors fear 'crypto winter' is coming as bitcoin falls 50% from record highs
The day before that headline published, Bitcoin had briefly dipped below $33,000, far below its November high of nearly $69,000. At that time, the entire crypto market had shed roughly $1 trillion in value since that all-time high in Bitcoin. Also around that time, Russia's central bank had proposed banning the use of cryptocurrencies.
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