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Bitcoin (BTC) rebounding 40% in January sparked the largest inflows of institutional cash since June 2022, data shows.

In its "Digital Asset Fund Flows" Weekly" report on Jan. 30, digital asset investment and trading group CoinShares confirmed $117 million headed into crypto in the last week of the month.

Institutions "not sold" on post-merge Ethereum

Bitcoin is still on the radar as an institutional investment opportunity.

As demonstrated by CoinShares’ latest data, it took a matter of weeks of BTC price action recouping prior losses to spark a major turnaround in investment habits — and not just in the United States.

“Last week's US bears seem to have changed their mind with US$117m inflows, including US$26m from the United States,” CoinShares wrote in a Twitter thread accompanying the report.

Bitcoin (BTC) lingered near $23,000 on Feb. 7 as a key chart phenomenon hit for the first time in 18 months.

Battle of the Bitcoin crosses begins

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tracking sideways overnight, having shunned volatility at the week’s first Wall Street open.

While failing to flip $23,000 to support, the pair nonetheless saw a potentially significant event on Feb. 6 in the form of a “golden cross” on the daily chart.

This refers to the rising 50-period moving average crossing over the 200-period moving average. The last time that this occurred on daily timeframes was in September 2021 — two months before Bitcoin’s latest all-time high.

Some crypto analysts have keenly watched the cross, with Venturefounder, a contributor to on-chain data platform CryptoQuant, arguing that $25,000 could reappear as a result.

Bitcoin (BTC) stayed motionless at the Feb. 6 Wall Street open as analysis showed an “interesting dynamic” in play on BTC price charts.

Bitcoin: Golden cross meets death cross

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ignored the start of United States equities trading to stay near $22,800.

The pair had seen flash volatility into the weekly close, abandoning levels nearer its six-month highs above $24,000.

Bitcoin thus worried market participants as the week began, with an increasing number eyeing a potential retest of $20,000 or lower.

For on-chain monitoring resource Material Indicators, attention now turned to two classic chart features: a “golden cross” on daily timeframes and a “death cross” on weekly timeframes.

Bitcoin (BTC) starts the second week of February in a newly bearish mood as multimonth highs fail to hold.

In what may yet bring vindication to those predicting a major BTC price come down, BTC/USD is back under $23,000 and making lower lows on hourly timeframes.

Feb. 6 trading may not yet be underway in Europe or the United States, but Asian markets are already falling and the U.S. dollar is gaining — potential further hurdles for Bitcoin bulls to overcome.

With some macroeconomic data to come from the Federal Reserve this week, attention is mainly focused on next week’s inflation check in the form of January’s Consumer Price Index (CPI).

In the build-up to this event, the results of which are already hotly contested, volatility may gain a fresh foothold across risk assets.

After the impressive rally in January, Bitcoin (BTC) seems to be taking a breather in February. This is a positive sign because vertical rallies are rarely sustainable. A minor dip could shake out the nervous longs and provide an opportunity for long-term investors to add to their positions.

Has Bitcoin price bottomed?

The opinion remains divided, however, on whether Bitcoin has bottomed out or not. Some analysts expect the rally to reverse direction and nosedive below the November low while others believe the markets will continue to move up and frustrate the traders who are waiting to buy at lower levels.

In an interview with Cointelegraph, Morgan Creek Capital Management founder and CEO Mark Yusko said “the crypto summer” could begin as early as the second quarter of this year.

He expects risk assets to turn bullish if the United States Federal Reserve signals that it will slow down or pause interest rate hikes. Another potential bullish catalyst for Bitcoin is the block reward halving in 2024.

Could the altcoins continue their up-move while Bitcoin consolidates in the near term? Let’s study the charts of Bitcoin and select altcoins that may outperform in the next few days.