Analysts: Bitcoin's current price action is a recreation of the scenario after the launch of the Bitcoin ETF in the United States

PANews reported on March 10 that James Van Straten, an analyst at CoinDesk, posted that since President Trump's inauguration on January 20, the price of Bitcoin has fallen from $109,000 to $80,000, becoming a typical "sell when you see the news" event. This pullback has continued since Friday's Digital Asset Summit. While price action may signal short-term bearishness, Bitcoin bulls may see it as a long-term positive catalyst as the US government has shifted from a hostile stance from the previous administration to a more friendly one. However, the lack of immediate buying pressure suggests that there may be weakness in the near term. A similar price action was played out during the highly anticipated launch of the US spot Bitcoin ETF in January 2024. From October 2023 to January 2024, Bitcoin soared from $25,000 to $49,000, an increase of more than 40%. However, the launch of the ETF marked a local high, as the price fell by 20% in the following weeks, culminating in a new high of more than $73,000 in March. This time, after Trump won the U.S. presidential election in November, bitcoin rose by 60%, hitting an all-time high of $109,000 in January, before experiencing a correction of nearly 30%. The common pattern in both scenarios is that positive news triggers a local high in the price of Bitcoin, followed by a significant pullback. The next variable is whether bitcoin will start to rise after the end of this pullback, which largely depends on the macroeconomic environment.