Bitcoin, Ethereum, XRP, Dogecoin Extend Losses: 'Proper Move' Possibly Only By The End Of January, Trader Warns

Cryptocurrency markets are trading lower amid looming tensions of reduced expectations of Federal Reserve interest rate cuts and a potential massive BTC sell-off from the U.S. government.

Cryptocurrency	Price	24-Hour Gains +/-
Bitcoin (CRYPTO: BTC)	$91,400	-2.7%
Ethereum (CRYPTO: ETH)	$3,172	-3.2%
Solana (CRYPTO: SOL)	$182.4	-6.5%
XRP (CRYPTO: XRP)	$2.28	-1.4%
Dogecoin (CRYPTO: DOGE)	$0.3181	-6.3%
Shiba Inu (CRYPTO: SHIB)	$0.00002088	-1%

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 7.6% and daily active addresses remaining relatively flat. Transactions greater than $100,000 are up from 10,613 to 11,991 in a single day. Exchanges netflows are up by 5.5%.
• Coinglass data reports 116,166 traders were liquidated in the past 24 hours for $347.45 million.

Notable Developments:

• Bhutan’s Special Administrative Region Announces Strategic Reserve Consisting Of Bitcoin, Ethereum, BNB Coin: Bhutan Is Open To Other Cryptos, Says Changpeng ‘CZ’ Zhao
• Bitcoin ETFs’ First Year Delivers Massive Returns As 2025 Brings Questions
• Bitcoin, Ethereum ETFs See $742 Million In Outflows, Supply Shock Unlikely In 2025, Report Shows
• US Government’s Silk Road Bitcoin Holdings Drop To 0 After DOJ Reportedly Approves Sale Of Crypto Worth $6.5 Billion (Updated)

Top Losers:

Cryptocurrency	Price	Gains +/-
SPX6900 (CRYPTO: SPX)	$1.05	-22.9%
Ai16z (CRYPTO: AI16Z)	$1.36	-21.3%
Hyperliquid (CRYPTO: HYPE)	$19.3	-17.4%

Trader Notes: With Bitcoin prices dropping for the third consecutive day of the week, CryptoQuant Founder and CEO Ki Young Ju noted that Bitcoin will stay in a bull cycle as long as capital flows in.

Another crypto trader, Rekt Capital, highlighted that Bitcoin has dropped to the lower end of its $91,000-$101,165 range.

To prevent further decline and extend the current corrective phase, it needs to maintain support at the $91,000 range low.

#BTC

Bitcoin has dwindled to pretty much the very bottom of its $91000-$101165 range

Needs to hold the $91k Range Low as support (blue) to avoid further downside and actually deepening this multi-week corrective period$BTC #Crypto #Bitcoin https://t.co/Bn24aJuxtd pic.twitter.com/doIFyA6qYU

— Rekt Capital (@rektcapital) January 9, 2025

Daan Crypto Trades expects a slow start for Bitcoin, with a proper move possibly taking until the end of January.

He is watching a triangle/pennant pattern to identify a potential breakout from the current consolidation.

While the outlook for Q1 remains generally positive, the beginning of the year is often choppy.

Referring to last year’s price action, the trader notes that after topping in early January 2024, Bitcoin bottomed by the 23rd and surged in February and March, indicating how quickly sentiment and price can shift.

$BTC Don't be surprised if it takes until the end of January to get a proper move going again.

I'm watching this triangle/pennant to determine a possible breakout from this consolidation.

My belief is still that Q1 will generally end up being green. But a choppy end and start… pic.twitter.com/YVntr0x8c2

— Daan Crypto Trades (@DaanCrypto) January 9, 2025

Read Next: 

• Social Media Sentiment Report Shows Only One Out Of Bitcoin, XRP, Dogecoin Is Bullish

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