Bitcoin BTC/USD is trading down 1.6% to $94,300 on Friday as the crypto community awaits the return of more liquid trading sessions at the start of 2025.
What Happened: With Bitcoin prices dropping, crypto trader Altcoin Sherpa predicts “some weird price action” over the upcoming few weeks ,"with despair followed by an absolute moon mission and killer alt season."
Castillo Trading cautions traders that holiday trading is usually slow, and it should not be mistaken for market weakness. He added that many people are waiting for Bitcoin to drop to $84,000 to $85,000.
CoinDesk senior analyst James Van Straten noted that Bitfinex whales are a great indicator of Bitcoin price movements. During the November run-up, whales offloaded 20,000 BTC. He is yet to add to any of his long positions since Bitcoin has dropped from $108,000.
Also Read: Bitcoin Could Slide To $60,000, Technical Analyst Warns
Why It Matters: Crypto market capital inflows having been decline since Dec. 10, dropping from $134 billion to $100 billion currently.
IntoTheBlock data shows large transaction volume increased by 31.6% and daily active addresses relatively flat at -0.04%. Transactions greater than $100,000 are up from 7,853 to 8,785 in a single day. Exchanges netflows are down by 451.9%.
Coinglass data reports 93,769 traders were liquidated for $235.55 million over the past 24 hours.
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