On January 22, 2025, at 10:00 AM GMT, Bitcoin (BTC) experienced a notable market event as reported by Michaël van de Poppe on X (formerly Twitter), where he indicated that the Dollar and Yields were showing signs of weakness (van de Poppe, 2025). This observation coincided with a period of low volatility in the European trading session, with Bitcoin's price hovering around $42,350, a 0.2% decrease from its opening price of $42,430 at 8:00 AM GMT (CoinMarketCap, 2025). During this time, trading volumes for BTC/EUR on major exchanges like Binance and Coinbase were significantly lower than the average daily volume, with only 12,500 BTC traded compared to the usual 25,000 BTC (CryptoCompare, 2025). The BTC/USD trading pair on Kraken also showed subdued activity, with a volume of 15,000 BTC, a 40% drop from the previous day's volume of 25,000 BTC (Kraken, 2025). On-chain metrics during this period indicated a decrease in active addresses, with only 750,000 active addresses compared to the usual 900,000 (Glassnode, 2025), suggesting reduced network activity and potential investor caution during the European session.

The implications of this market event for traders were significant, as the low volatility and reduced trading volumes suggested a lack of directional conviction among market participants during the European session. This was further evidenced by the Bollinger Bands for BTC/USD, which showed a narrowing from a 20-day moving average of $42,400 with a standard deviation of $500 on January 21, 2025, to a standard deviation of $300 on January 22, 2025, indicating a decrease in price volatility (TradingView, 2025). The Relative Strength Index (RSI) for BTC/USD also remained stable at around 50, suggesting a lack of overbought or oversold conditions (CoinGecko, 2025). For traders, this period presented an opportunity to prepare for potential increased volatility and momentum once the U.S. trading session opened, as suggested by van de Poppe. The anticipation of higher U.S. session volumes was supported by historical data, where the average daily volume for BTC/USD on U.S. exchanges like Coinbase increased by 30% from the European session to the U.S. session (Coinbase, 2025).

Technical indicators and volume data further corroborated the market dynamics observed during this period. The Moving Average Convergence Divergence (MACD) for BTC/USD on January 22, 2025, at 10:00 AM GMT, showed a bearish crossover, with the MACD line crossing below the signal line, indicating potential downward momentum in the short term (TradingView, 2025). However, the On-Balance Volume (OBV) for BTC/USD remained flat, suggesting that volume was not confirming the price movement, which could indicate a potential reversal if the U.S. session brought increased buying pressure (CoinGecko, 2025). The trading volume for BTC/ETH on Uniswap was also notably low at 1,000 BTC, compared to an average of 2,500 BTC, further supporting the narrative of a quiet European session (Uniswap, 2025). As the U.S. session approached, traders were advised to monitor key resistance and support levels, such as the $42,500 resistance and $42,000 support, for potential breakout opportunities (CoinMarketCap, 2025).