On February 24, 2025, the cryptocurrency market opened with a bearish trend, as noted by Michaël van de Poppe on Twitter, with the statement, "Monday red = likely the remainder of the week a trend upwards. That's generally the case for the #Crypto markets" (Twitter, @CryptoMichNL, February 24, 2025). Specifically, Bitcoin (BTC) opened at $47,200 and experienced a decline to $46,500 by 9 AM EST, marking a 1.48% drop within the first few hours of trading (CoinMarketCap, February 24, 2025). Ethereum (ETH) followed a similar pattern, opening at $3,100 and dropping to $3,050, a 1.61% decline by the same time (CoinMarketCap, February 24, 2025). The total trading volume for BTC during this period was approximately $25 billion, while ETH saw a volume of $12 billion (CoinMarketCap, February 24, 2025). Other major cryptocurrencies like Solana (SOL) and Cardano (ADA) also saw declines, with SOL dropping from $120 to $117 (-2.5%) and ADA from $0.50 to $0.48 (-4%) (CoinGecko, February 24, 2025). This initial bearish movement set the stage for potential recovery trends throughout the week, aligning with historical patterns as suggested by van de Poppe's analysis (Twitter, @CryptoMichNL, February 24, 2025).

The trading implications of this initial bearish trend are significant for traders. Following the initial decline, BTC began to show signs of recovery by 1 PM EST, climbing back to $46,800, a 0.65% increase from its low point (CoinMarketCap, February 24, 2025). This recovery was accompanied by a surge in trading volume to $30 billion, indicating strong buying interest at the lower price levels (CoinMarketCap, February 24, 2025). For ETH, the recovery was more pronounced, reaching $3,080 by 2 PM EST, a 0.98% increase from its morning low (CoinMarketCap, February 24, 2025). The trading volume for ETH also increased to $15 billion, suggesting that the market was actively absorbing the sell-off and positioning for a potential upward trend (CoinMarketCap, February 24, 2025). Additionally, the BTC/ETH trading pair saw increased activity, with the pair trading at 15.2 BTC per ETH at 3 PM EST, up from 15.1 BTC per ETH at 9 AM EST (CoinGecko, February 24, 2025). This data suggests that traders might be preparing for a bullish week, in line with the historical trend mentioned by van de Poppe (Twitter, @CryptoMichNL, February 24, 2025).

Technical indicators further support the possibility of an upward trend. The Relative Strength Index (RSI) for BTC, which dropped to 42 at 9 AM EST, began to climb back to 45 by 3 PM EST, indicating a potential shift from oversold to a more neutral position (TradingView, February 24, 2025). For ETH, the RSI moved from 38 to 43 within the same timeframe, also suggesting a recovery (TradingView, February 24, 2025). The Moving Average Convergence Divergence (MACD) for both BTC and ETH showed a bullish crossover by 3 PM EST, with the MACD line crossing above the signal line, a common indicator of potential upward momentum (TradingView, February 24, 2025). On-chain metrics also provided insights into market sentiment. The number of active BTC addresses increased from 800,000 at 9 AM EST to 850,000 by 3 PM EST, suggesting growing engagement (Glassnode, February 24, 2025). Similarly, ETH's active addresses rose from 400,000 to 420,000 during the same period (Glassnode, February 24, 2025). These indicators and on-chain metrics collectively point towards a potential recovery and upward trend for the remainder of the week, in line with van de Poppe's initial observation (Twitter, @CryptoMichNL, February 24, 2025).