PANews reported on January 13 that according to Jinshi, Intouch Capital Markets senior foreign exchange analyst Piotr Matys said that Bitcoin may have now formed a so-called head and shoulders pattern, which indicates that the trend is turning from bullish to bearish. Matys said that breaking below $91,600, which is considered the main support level, shows that "there are strong technical bearish signals for Bitcoin." Fxpro chief market analyst Alex Kuptsikevich added that if bearish sentiment prevails, Bitcoin's next low may be around $88,000, and it is also possible to quickly pull back from there to around $74,000.

The debut of a U.S. ETF directly tied to bitcoin and President-elect Trump’s outspoken support for the digital asset industry pushed bitcoin to all-time highs last year. However, that optimism has waned in 2025, with some analysts saying traders are waiting for certainty after Trump’s Jan. 20 inauguration.