Bitcoin might retest recent highs around $48,500, but the correction could continue for a short while first to the next important support. The directional bias comes primarily from relatively low liquidations of long futures, which would usually suggest that the majority of participants are prepared for more gains. Overall, economic conditions are cautiously optimistic: inflation is still somewhat high but increasingly stable, while the majority of participants expects the Fed to start a cycle of loosening policy in March. The critical release coming up next week is American advance GDP for the fourth quarter of ... (full story)