PANews March 10 news, CoinDesk analyst James Van Straten wrote that since President Trump took office on January 20, the price of Bitcoin has fallen from $109,000 to $80,000, becoming a typical "sell on news" event. This pullback has continued since the Digital Asset Summit on Friday. Although the price trend may indicate short-term bearishness, Bitcoin bulls may see it as a long-term positive catalyst because the US government has shifted from the hostile attitude of the previous administration to a more friendly stance. However, the lack of immediate buying pressure indicates that it may be weak in the short term. Similar price trends have been staged 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 prices fell 20% in the following weeks, eventually hitting a new high of more than $73,000 in March.

This time, after Trump won the US presidential election in November, Bitcoin rose 60%, hitting an all-time high of $109,000 in January, and then experienced a correction of nearly 30%. The common pattern in these two cases is that positive news triggered a local high in the price of Bitcoin, followed by a major correction. The next variable is whether Bitcoin will start to rise after this correction ends, which depends largely on the macroeconomic environment.