Retail Returns to The Party as Bitcoin (BTC) Teases New Peak
Retail traders and investors are returning to markets as Bitcoin’s value rises, but institutions continue to dominate. With Bitcoin approaching its all-time high over the last few days, “retail has gotten bullish,” according to blockchain analytics firm Santiment on June 11.
The firm’s analysts observed that there are more than twice as many positive Bitcoin comments as negative ones on social media, indicating increased retail interest. The article also stated that this is the highest ratio since US President Donald Trump was elected more than seven months ago.
Greed Seeping into Markets
Santiment further noted that market movements often defy retail expectations, and sharp increases in discussions around Bitcoin reaching an all-time high typically signal a market top driven by investor greed.
Meanwhile, the Bitcoin Fear and Greed Index, which tracks market sentiment, is currently at 71, indicating “greed.”
In its weekly on-chain analysis, Glassnode stated that this cycle is characterised by atypical investor behaviour when compared to past bull markets. Long-term holders (those who have held Bitcoin for more than 155 days) are making enormous gains, averaging $930 million each day, yet their overall supply holdings are increasing rather than decreasing.
This produces a “unique duality” in which profit-taking coexists with continuous accumulation, as more coins mature into long-term holder status than are sold, it stated. According to CryptoQuant, whales have no intention of profiting at these levels and will most likely wait for higher prices, “where significant market overheating and a bubble form, before making their moves.”
Meanwhile, US Treasury Secretary Scott Bessent warned on Wednesday that failing to extend the US debt ceiling will result in “the biggest crisis since 2008.”
Swan analysts recommend creating money instead of defaulting, citing game theory that favours fixed-supply assets. “That is Bitcoin.”
Bitcoin Price Outlook
Bitcoin surpassed $110,000 on Tuesday and Wednesday this week, bringing it within $2,000 of its all-time high of $111,814 set on May 22.
However, it has retreated somewhat during the Thursday morning Asian trading session, dropping back below $108,000 as of writing. Earlier this week, analyst ‘Rekt Capital’ stated that Bitcoin has effectively retested the $104,400 reaccumulation range high barrier as new support for the fourth consecutive week. “Bitcoin is rebounding from this new support base to transition into price discovery again,” the analyst said.
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