The recent price movement in Bitcoin is largely attributed to profit-taking by short-term holders following a substantial rally. Bitcoin's price has seen a 19% increase since January 13, prompting many investors to lock in gains, resulting in a slight pullback. The 7-day MVRV indicator suggests this behavior is typical among short-term investors, as it hovers near the danger zone. Additionally, the launch of a Trump-themed memecoin has added to market volatility, although it hasn't directly impacted Bitcoin's price. Instead, Bitcoin's price action remains primarily influenced by internal market dynamics, with the cryptocurrency trading relatively stable compared to others like Ethereum and XRP.
The Proshares Ultrashort Bitcoin ETF (SBIT) is currently priced at $8.99 as of 07:20 AM on Saturday, January 18.