Bitcoin (BTC) Market Will Likely Remain Slow Until Sentiment in the U.S. Improves

Ki Young Ju, the CEO of Crypto Quant, also expressed a rather conservative view regarding the Bitcoin price movements. He is convinced that activity

Crypto Quant CEO Ki Young Ju shared a rather conservative view regarding the Bitcoin price movements. He is convinced that activity is going to remain low for a while until the sentiment turns positive in the United States.

In a recent post on X, he explains current market inactivity because there is not much happening on-chain. He also stated that leading indicators are flat, which means that while the bull cycle is not yet over, there is no significant head of steam.

#Bitcoin market will likely remain slow until sentiment in the U.S. improves.

There’s no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact.

Fundamentals remain strong, with more mining rigs coming online.

If the cycle ends… pic.twitter.com/fSWl26d0gx

— cryptoquant (@cryptoquant) October 25, 2024

Nevertheless, substantial improvements can be observed in Bitcoin’s fundamentals. There is a gradual increase in the number of mining rigs, which is a good sign for the network’s base. However, they may soon face a deceleration in market growth if macroeconomic conditions do not have a positive turn.

The current lack of activity can mean that the cycle is just hidden, but doubts are beginning to arise.

If the current market cycle has to end now, it will be an opportunity lost for many. The major players, such as whales, mining companies, banks/financial institutions and global influential billionaires personalities like Donald Trump, would not want this cycle to come to this stage. Nonetheless, retail investors cannot influence the market to the same extent as they used to in the past. The driving forces behind price fluctuations in BTC are massive institutional market players.

Bitcoin came rather close to $95,000 but failed to break through it and then pulled back. Michael van de Poppe pointed out that BTC faced rejection at this price level. Since then, it has been trading sideways, and the price on any cryptocurrency has demonstrated limited volatility. The liquidity on the demand side as well as on the supply side side has been bought up, meaning that a blowout to the upside may be a while in coming.

Basically, #Bitcoin rejected at the resistance at $95K and is back chopping around.

All liquidity on both sides have been taken.

What to expect?

Honestly, I think we'll need to wait until this week is over as there's a lot of macro-economic data & events and the Summit. pic.twitter.com/j6ZolJgfvg

— Michael van de Poppe (@MvandePoppe) October 25, 2024

Looking into the future Bitcoin trading participants are waiting for more clarity. Van de Poppe tweeted that it will take up to the end of the week to know how macroeconomic data and events will impact Bitcoin. There is a possibility that a major economic summit, and other important events may be of assistance.

For now, more investors will have to wait for signs to emerge, although this particular market is bound to be dynamic in the long run. As of now, BTC is trading at $82,857, showing a 44% decline over the past day.