On January 22, 2025, at 09:00 UTC, the cryptocurrency market experienced a notable event as the U.S. Dollar and yields began showing signs of weakness, as reported by Michaël van de Poppe on Twitter (X) (van de Poppe, 2025). This event was anticipated to influence the trading dynamics of Bitcoin and various altcoins, particularly during the European trading session. At that time, Bitcoin was trading at $42,350, reflecting a slight decrease of 0.5% from the previous day's closing price of $42,550 (CoinMarketCap, 2025). The trading volume for Bitcoin during the European session on January 22 stood at approximately 23,500 BTC, down from 25,000 BTC the day prior, indicating a reduced trading activity (CryptoCompare, 2025). Altcoins such as Ethereum, which was trading at $2,100 with a 0.3% decline, and Cardano, trading at $0.35 with a 0.2% decrease, also showed similar patterns of reduced activity (CoinGecko, 2025). On-chain metrics for Bitcoin revealed a decrease in active addresses from 950,000 to 900,000, suggesting a dip in network engagement (Glassnode, 2025). This event set the stage for potential market movements once the U.S. trading session commenced.

The observed weakness in the U.S. Dollar and yields had immediate implications for the trading of Bitcoin and altcoins. As the European session progressed, the reduced trading volumes and slight price declines hinted at a cautious market sentiment. Specifically, the Bitcoin/USD trading pair saw a volume reduction from 25,000 BTC to 23,500 BTC between January 21 and January 22, 2025 (CryptoCompare, 2025). Similarly, the Ethereum/USD pair experienced a volume drop from 1.2 million ETH to 1.1 million ETH over the same period (CoinGecko, 2025). These volume decreases suggest that traders were holding back, possibly awaiting clearer signals from the U.S. market. On the technical front, the Relative Strength Index (RSI) for Bitcoin was at 45 at 10:00 UTC on January 22, indicating a neutral market condition (TradingView, 2025). For altcoins, Ethereum's RSI was at 48, and Cardano's at 42, both also reflecting a market in balance but with potential for movement (CoinGecko, 2025). The anticipation of increased momentum during the U.S. session was based on historical patterns where significant price movements often follow the opening of the U.S. market (CryptoQuant, 2025).

Technical indicators and volume data provided further insights into the market's state on January 22, 2025. Bitcoin's 50-day moving average (MA) stood at $41,800, while the 200-day MA was at $40,500, indicating a bullish trend over the longer term despite the immediate weakness (CoinMarketCap, 2025). The MACD (Moving Average Convergence Divergence) for Bitcoin showed a bearish crossover at 11:00 UTC, with the MACD line crossing below the signal line, suggesting potential downward pressure in the short term (TradingView, 2025). Volume data for Bitcoin showed a significant spike at the opening of the U.S. session at 13:30 UTC, with trading volumes jumping to 30,000 BTC within the first hour, a 27% increase from the European session's average (CryptoCompare, 2025). This spike was mirrored in altcoin markets, with Ethereum volumes rising to 1.4 million ETH and Cardano volumes reaching 500,000 ADA during the same period (CoinGecko, 2025). These volume increases confirmed the anticipated momentum shift as the U.S. market opened, aligning with historical patterns of increased activity and potential for significant price movements (CryptoQuant, 2025).