Decentral Block Post

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.

A luxury rehabilitation center in Spain has recently added services aimed at treating a relatively new kind of addiction — crypto trading.

The center, called “The Balance,” is a Switzerland-founded wellness center, with its main facility located on the Spanish island of Mallorca along with representations in Spain, London and Switzerland.

While it has been known to treat addiction ailments such as alcohol, drugs and behavioral health — it has now recently begun offering services aimed at combatting crypto trading addiction, according to a report from the BBC.

The Feb. 5 report revealed that one of the center’s clients reached out so that he could “wean off crypto” after reportedly pouring in $200,000 worth of crypto trades each week.

The treatment involves a four week stay — which comprises of therapy, massages and yoga. The bill can be upwards of $75,000.

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.