Over the past three days, Bitcoin’s (BTC) daily chart has been showing a bearish trend, with the leading cryptocurrency approaching nearly $92,000 on January 9th. The general mood among investors was further dampened on this day due to the US Department of Justice’s (DOJ) authorization of the sale of approximately 69,000 BTC valued at over $6.5 billion. Additionally, spot Bitcoin ETFs experienced their second-largest net outflow, totaling $569.1 million on this same day.
On platform X, questions such as “Has the Bitcoin bull market ended?” are starting to emerge. However, one expert maintains that a positive outlook towards Bitcoin (BTC) should continue.
News-driven volatility haunts Bitcoin price
Bitcoin’s recent drop in value is largely affected by doubts about potential Federal Reserve interest rate reductions and investors being cautious before President-elect Trump’s inauguration. This apprehension can be seen in the data from the blockchain, as the 30-day moving average of the Buy/Sell ratio suggests that sellers have been more active than buyers since March 2024 (a period when BTC reached approximately $74,000).
Bitcoin’s momentary Spent Output Profit Ratio (SOPR) fell below 1, suggesting that quick investors are offloading their coins at a loss. However, an anonymous crypto expert known as Avocado onchain has suggested that these fluctuations are due to Bitcoin’s short-term volatility caused by market speculations, not a shift in the overall market structure. This analyst further explained that these price movements do not necessarily indicate a bearish trend.
“Investors should remain strategic, avoid reacting to short-term noise, and focus on the broader bullish trajectory,”
In a similar vein, crypto trader Mikybull highlighted a set of crucial Bitcoin top signals relevant to this ongoing bull market. Out of 30 potential peak indicators like Puell Multiple, 22-day RSI, Bitcoin dominance rate, and MVRV ratio, none have been triggered during the current cycle, according to the trader’s observation.
“Every dip is an opportunity in preparation for a massive rally that’s coming.”
Crypto expert Alex Kruger recently voiced his opinion against prolonged bearish outlooks, stating instead that the current sentiment appears excessively pessimistic.
In simpler terms, the economist pointed out that we’re moving beyond the “easy mode” stage, but the liquidity injections planned by conventional finance for the year 2025 have not been fully considered yet.
This piece is designed primarily to offer a broad understanding and shouldn’t be construed as legal or financial guidance. The perspectives, ideas, and viewpoints conveyed here belong solely to the writer, and they may not align with or mirror those held by CryptoMoon.
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2025-01-09 23:05