Current BTC Action Mirrors Price Mirrors the price action seen after the launch of US ETF: Van Straten
Since President Trump was inaugurated on January 20, Bitcoin (BTC) dropped from $ 109,000 to $ 80,000, making it a classic “sell news” event. The correction has continued since the Digital Assets Summit on Friday.
While price action may dictate short-term bearnishness, the Bitcoin Bulls can view it as a long-term positive catalyst, as the US administration has moved from a hostile bearing under the previous administration to a more favorable. However, the lack of immediate purchase pressure suggests short -term weakness.
A similar price action occurred during the expected launch of US spot Bitcoin ETFS in January 2024. From October 2023 to January 2024, Bitcoin advanced from $ 25,000 to $ 49,000-to a 40% rally. However, the launch was marked by a local top, as the price that subsequently refused 20% in the following weeks before eventually reached new all-time highs of over $ 73,000 in March.
At this time, after President Trump won the US election in November, Bitcoin rallied 60%, hitting a full time of $ 109,000 in January before undergoing a nearly 30% correction.
The usual pattern of both instances is the Bullish News that triggers a local top to the price of Bitcoin, followed by a significant correction. The next variable will start bitcoin to move higher after this correction is completed, with a lot of depending on Macro landscape.
