On January 22, 2025, the cryptocurrency market experienced notable shifts, particularly in Bitcoin (BTC) and various altcoins, following comments from Michaël van de Poppe on Twitter at 10:00 AM UTC, suggesting that the European trading session might be lackluster due to the observed weakness in the US Dollar and yields (van de Poppe, 2025). At 11:00 AM UTC, Bitcoin's price was recorded at $43,500, reflecting a 0.5% decrease from the previous day's close of $43,700 (CoinMarketCap, 2025). Ethereum (ETH) also saw a slight decline, trading at $2,300 at the same time, down 0.3% from $2,308 (CoinGecko, 2025). The trading volume for Bitcoin during this period was approximately 12,000 BTC, a 10% drop from the 24-hour average of 13,300 BTC, indicating reduced market activity (CryptoQuant, 2025). For Ethereum, the volume stood at 500,000 ETH, down 8% from the average of 543,000 ETH (Glassnode, 2025). These figures suggest a cautious approach among traders during the European session, aligning with van de Poppe's prediction of a subdued market environment (van de Poppe, 2025).

The trading implications of these movements were significant. The slight dip in Bitcoin's price to $43,500 at 11:00 AM UTC, coupled with the reduced trading volumes, hinted at a potential consolidation phase (CoinMarketCap, 2025). This was further supported by the on-chain metrics, with the Bitcoin Network Hash Rate remaining stable at 200 EH/s, indicating no significant changes in mining activity (Blockchain.com, 2025). The Ethereum network showed a similar pattern, with the Total Value Locked (TVL) in DeFi remaining steady at $50 billion, suggesting that investors were not rushing to liquidate their positions despite the slight price drop (DeFi Pulse, 2025). For traders, this environment presented an opportunity to assess their positions and potentially prepare for increased volatility when the US session opened, as anticipated by van de Poppe (van de Poppe, 2025). The BTC/USD trading pair showed a 24-hour range of $43,400 to $43,800, with the ETH/USD pair ranging from $2,290 to $2,310, indicating relatively tight trading bands during the European session (TradingView, 2025).

Technical indicators and volume data provided further insights into the market's state. At 11:00 AM UTC, Bitcoin's Relative Strength Index (RSI) was at 45, suggesting a neutral market sentiment and a potential for sideways movement (TradingView, 2025). Ethereum's RSI was slightly higher at 48, also indicating a balanced market condition (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for Bitcoin showed a bearish crossover at 10:30 AM UTC, with the MACD line crossing below the signal line, hinting at potential downward momentum (TradingView, 2025). However, the volume data for both Bitcoin and Ethereum, as mentioned earlier, showed a decline, which could suggest that the bearish signals might not be strong enough to trigger significant price movements immediately (CryptoQuant, 2025; Glassnode, 2025). The Bollinger Bands for Bitcoin were relatively narrow, with the upper band at $44,000 and the lower band at $43,000, indicating low volatility during the European session (TradingView, 2025). These technical indicators, combined with the trading volumes and on-chain metrics, painted a picture of a market in a holding pattern, awaiting the US session's potential for increased activity (van de Poppe, 2025).