Bitcoin's recent price action has caught many off guard, but a closer look at the charts reveals a familiar pattern. The rapid surge above the 200-day moving average is a sign of a bullish breakout, and the subsequent correction is a healthy consolidation phase. We're watching the 50-day moving average closely, as a break above it could signal a new wave of upward momentum.

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Interesting analysis! The 50-day MA is a crucial level to watch, a break above it could indeed trigger a new leg up.