Bitcoin Surges Past $94K, Retail Traders Rush In
Bitcoin’s price has soared above $94,000, sparking a frenzy among retail traders. On-chain analytics firm santiment noted a spike in fear of missing out (FOMO) among smaller investors. This behavior often signals a market peak.
Santiment believes Bitcoin could hit $100,000 soon. However, they caution that this might not happen until the excitement calms down. Simultaneously occurring,large Bitcoin holders are still buying.These wallets, holding between 10 adn 10,000 BTC, have added over 19,255 BTC recently. Since March 22, they’ve accumulated more than 50,000 BTC, now owning over 67% of the total supply.
CryptoQuant also reported positive trends. The 100-day moving average of Bitcoin netflows to exchanges is at its lowest since February 2023. This suggests investors are moving their Bitcoin to self-custody or cold storage.
Institutional interest is growing too. U.S. Bitcoin exchange traded funds saw $2.68 billion in net inflows last week. Analysts expect this to boost Bitcoin’s price in the coming months. ARK Invest projects Bitcoin could reach between $300K and $2.4M by 2030.
Technically, Bitcoin overcame resistance at $87,724 with strong volume support. It’s now trading at about $93,289. the relative strength index is approaching overbought territory but still allows for further gains. The widening Bollinger Bands indicate increased volatility, which may lead to larger price swings.
