The cryptocurrency market is experiencing another downturn, with Bitcoin (BTC) declining below $67,000 for the first time since last Friday's sharp drop. The primary cryptocurrency has been in a prolonged decline, falling from over $90,000 on January 28 to a low of $60,000 last Friday. Despite brief recoveries to $72,000, BTC was pushed back down to under $67,000 as of press time.
Amid the sell-off, popular analyst Ali Martinez pointed to a potential reversal. He highlighted that an early TD Sequential buy signal had flashed for Bitcoin, suggesting a potential rebound could take shape over the next 3–9 days. The TD Sequential, developed by Tom DeMark, identifies potential market reversal points. Martinez noted the indicator has a strong track record, particularly for Ripple's XRP.
Regarding XRP, Martinez reminded the community that the TD Sequential had "perfectly timed" the local top for XRP in the past and is now flashing a buy signal. Although XRP has retraced 3-4% since the signal appeared, the analyst suggests it could signal a rapid rebound.
Market uncertainty is being fueled by macroeconomic factors and regulatory stagnation in the US. Renowned market strategist Peter Cheer, speaking on Scott Melker's show, argued that recent positive US employment data is "deceptive." He claimed that despite a reported gain of 130,000 jobs, there were actually 2.65 million job losses in January, with seasonal adjustments masking the true picture.
Cheer evaluated Bitcoin's weak performance, agreeing with views that the "era of speculation" may be ending. He noted that marginal buyers have withdrawn and that Bitcoin is behaving more like a traditional asset, with its correlation with gold not working as expected. "Bitcoin's price movements are not inspiring confidence at the moment," he stated.
Scott Melker highlighted that Bitcoin has returned to price levels seen during Donald Trump's election campaign, suggesting the market had priced in regulatory moves like the Clarity Act, whose failure to pass was disappointing.
A notable revelation was that Goldman Sachs holds $1.1 billion worth of Bitcoin and $1 billion worth of Ethereum on its balance sheet. Cheer described this as an "important signal for the sector" but noted the amounts are still a small fraction of the bank's total holdings.
Looking ahead, Peter Cheer predicts Bitcoin could trade horizontally between $55,000 and $75,000 for the next six months. He also expects three interest rate cuts by September under pressure from the Trump administration, a process he believes markets have not yet fully accepted.
