The Bank of England has raised interest rates by 0.25% to combat high inflation, causing the BTC/GBP pair to move sideways while the GBP/USD pair slipped to a low of 1.2625. Bitcoin was trading at £23,000, 7.2% below its highest level this month. The BTC/ GBP pair has formed a bullish flag pattern on the daily chart, indicating a likely bullish breakout in the coming weeks. Despite signs of a slowing economy, the Bank of England believes the UK will narrowly avoid a recession this year.

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