Markets are not something I understand that well, but usually positive news shows an immediate effect on stock prices. Like near instantly, right?
So why do we not see this with Bitcoin? I just read several responses where people explain why Bitcoin is not going up, but why does it specifically not respond to market news like we might expect? (Or does it and we don't notice?)
Because we're in a bear market. This is true for stocks too.
When in a bull market: negative news has no effect, good news has a big effect
When in a bear market: good news has no effect, negative news has a big effect
And for those familiar with technical analysis; we're currently in the fifth wave of the Elliott cycle. DanV of Tradingview has famously predicted that we could need to go as far down as $120 before truly beginning another uptrend. He did this even when we were going up in May, arguing that unless we broke through resistance on volume, we were still in a downtrend. And we hit resistance, didn't go through on volume.. so we're still in a downtrend since December.