So, Bitcoin (BTC) decided to take a nosedive of 7.13% right around the time we were all trying to figure out if we should be more worried about our 401(k) or our avocado toast. It dropped below $100,000 for the first time since Donald Trump was busy being the 47th US president. Who knew Bitcoin had such a flair for the dramatic? 🎭
Since then, Bitcoin has been playing hard to get, flirting with the $100,000 mark like it’s the hottest club in town. The market is just sitting there, contemplating its next move like a cat staring at a laser pointer. 🐱
Bitcoin Short-Term Holder Loss: Low Drama, High Stakes
In a plot twist worthy of a soap opera, there’s been a tug-of-war in market sentiment lately. Some analysts are waving their flags, declaring it’s the end of the line, while others are like, “Hold my beer, we’re going up!” 🍻
Last week, President Trump’s silence on crypto during his inauguration speech was like a bad breakup for the Bitcoin community. You know, the kind where you keep checking your phone for a text that never comes. 📱
Axel Adler Jr, our Bitcoin whisperer, pointed out that short-term holders barely flinched during the recent sell-off. He tweeted that the loss to exchanges was under 2,000 BTC. That’s like losing a sock in the laundry—annoying, but not the end of the world. 🧦
In the past, when BTC dropped more than 5%, we usually saw over 5,000 BTC moving at a loss. But this time? Not so much panic. It’s like everyone collectively decided to take a deep breath and chill. 😌
Joao Wedson, the founder of Alphractal, chimed in, saying buying pressure came back faster than a bad ex. But hold on—long positions took a hit, with Glassnode reporting over $68 million in liquidations in just 24 hours. Ouch! 💔
“The 24-hour SMA of Bitcoin long liquidations reached $2.9M, marking the third-largest long liquidation event in the last three months.”
Will Bitcoin Price Pull a Fast One? 🤷♀️
One thing we’ve noticed is that Bitcoin loves to play games on Mondays. It’s like that friend who always shows up late but still manages to steal the spotlight. The price action on Mondays often sets the tone for the week, like a dramatic cliffhanger in a reality show. 📺
But beware! Losses can pile up faster than laundry on a Sunday night. Over the last eight weeks, BTC has been establishing its weekly highs or lows on Mondays. Talk about commitment issues! 😅
CROW, our anonymous crypto trader, had this to say:
“Monday’s gonna print the weekly BTC low again? Let’s see.”
With the FOMC meeting coming up between Jan. 28 to Jan. 29, we can expect market volatility that’s more unpredictable than a cat on catnip. Buckle up, folks! 🎢
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2025-01-28 01:11