According to CryptoQuant analysts, the Bitcoin price has partially recovered from its brief dip below $41,000 on January 3.
However, there is still the possibility of a further correction due to a possible wave of unrealized profit-taking.
The company's latest report notes BTC growth has resumed amid the wait for approval of spot Bitcoin ETFs in the US by the Securities and Exchange Commission (SEC).
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Add to this information from the Fed minutes, according to which the regulator is exploring the possibility of gradually cutting interest rates in 2024.
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Although the price of Bitcoin is rising, unrealized gains for short-term investors remain high.