Bitcoin price is directionless, big investors are piling up portfolios - what's happening in the markets?
After breaking around USD 94 000 over the weekend, bitcoin (BTC) starts Monday by dropping closer to the USD 93 000 level, or essentially staying within the price ranges seen in recent weeks. Turnover activity is starting to pick up again after the weekend, but remains similar to a week ago.
January 13, 2025 11:24
BTC entered the weekend with a rather unusual phenomenon - the price rose for 14 consecutive hours. This is the longest such hourly appreciation since 1 January 2017. It is speculated that a large institutional buyer may have been the cause. However, this was in any case not enough for BTC to appreciate further and the price wandered around over the weekend without a clear direction.
BTC price over the last 7 days:
Markets were also confused by the good US labour market data - while some feared that this could mean slower interest rate cuts, others thought that, on the contrary, it could mean a prolonged bull market.
On the other hand, market sentiment improved somewhat, and the "Fear and Greed Index" that follows it was back in the "greed" zone, indicating, as it were, a growing buying interest. For their part, the companies serving the very large investors say that they are now very optimistic about BTC this year.
At the same time, the uncertainty about the price of BTC in the short term also encourages such optimistic investors to take their time, in the hope that BTC may fall even further in price, which would provide a better buying opportunity.
On the other hand, MicroStrategy, a US company with one of the largest BTC portfolios, continues to buy BTC regardless of the price, and is likely to announce new purchases again today, which would be the tenth consecutive week of such investment.
For their part, BTC exchange-traded funds (ETFs) ended the week empty, with withdrawals of EUR 149 million. USD 149.
In any case, the risks in the market are not going away and BTC analyst Willy Woo warns to be cautious in the coming months, as many investors may still continue to take profits.
