Author: Biraajmaan Tamuly, CoinTelegraph; Translated by: Wu Zhu, Golden Finance
BTC's daily chart has shown bearish signals for three consecutive days, as of January 9, when the largest crypto asset fell to nearly $92,000. On January 9, the U.S. Department of Justice (DOJ) approved the sale of over $6.5 billion worth of 69,000 BTC, while the spot Bitcoin ETF faced the second-highest net outflow, reaching $569.1 million, further dampening investor sentiment.
As questions like 'Is the Bitcoin bull market over?' begin to surface on X, an analyst stated that the bullish sentiment towards BTC should remain unchanged.
News-induced volatility troubles Bitcoin prices
Bitcoin's recent decline has been primarily influenced by the uncertainty surrounding the Federal Reserve's interest rate cuts and investors' cautious stance ahead of President Trump's inauguration. On-chain data clearly highlights this sentiment, as the 30-day moving average of the recipient's buy/sell ratio has indicated a seller's dominance for the first time since March 2024, when BTC peaked at around $74,000.
Bitcoin recipient buy/sell ratio. Source: CryptoQuant
Bitcoin's short-term spent output profit ratio (SOPR) also fell below 1, indicating that short-term investors are selling at low prices. However, anonymous cryptocurrency analyst Avocado onchain stated that these changes are part of BTC's short-term volatility, driven by market speculation rather than changes in market structure. The trader added,
"Investors should remain strategic, avoid reacting to short-term noise, and focus on the broader bullish trajectory,"
Similarly, cryptocurrency trader Mikybull pointed to a list of key Bitcoin top signals for the current bull market cycle. Among the possible 30 market peak indicators, including the Puell multiple, RSI-22 days, Bitcoin dominance, and MVRV ratio, none of the signals have been triggered in the current cycle. The trader said,
"Every dip is an opportunity to prepare for the upcoming massive rebound."
Bitcoin bull market peak indicator list. Source: CoinGlass
Cryptocurrency analyst Alex Kruger also dismissed the long-term bearish predicament, stating that 'people are too pessimistic right now.'
This economist explains that while the 'easy mode' is over for the future, the liquidity injected into traditional finance for 2025 has yet to be considered.
