Oh boy, Bitcoin (BTC) has had a rollercoaster of a week! đ˘ It dipped to a dramatic weekly low of $97,700 on Monday, only to bounce back like a yo-yo above $105K in less than three days. Investors are now doing the happy dance, hoping this bullish fiesta keeps going!
Adding fuel to the fire, the Federal Reserveâs latest meeting was like a pep rally for the U.S. economy. This cheerleading has crypto fans even more hyped, and with big-shot institutions joining the Bitcoin bash, BTC is getting all pumped up to challenge those all-time highs again.
Glassnodeâs latest gossip? Retail participation is still playing hard to get compared to previous peaks. Historically, bull markets go turbo when the everyday Joes jump in, so this laid-back retail scene might actually mean we’ve got more juice in this rally. If historyâs our guide, Bitcoin could be warming up for a real Hollywood blockbuster rally! đż
With key support levels not playing hide and seek and the economic vibes vibing risk assets, BTC seems all set to moonwalk its way up, setting the stage for another epic price disco. The next few days will be the main event, determining if Bitcoin keeps grooving or takes a break.
Bitcoin Eyes $110K as Buzzing Rally Gains Steam
After a wild ride of hesitation and head-spinning swings, Bitcoinâs bright side is shining through as it gets ready to flirt with all-time highs and the magical $110K mark. Analysts are whipping out the pom-poms, predicting this next bullish wave will not only usher Bitcoin into hero territory but also give a lift to those over-achieving altcoins.
On-chain snooping by Glassnode backs this optimism, showing retail investors are still chilling compared to previous peaks. Howâs that measured, you ask? By the Spent Volume of wallets holding less than 0.1 BTC, naturally. Back in the glory days of November 2024, these small fry were doling out $20.6M per hour. Today, it’s down to a cool $10.7M per hour, a 48% drop.
This retail slumber party suggests thereâs more background music for this rally, as Bitcoinâs best jams happen when the retail crowd jumps in. With big buyers making waves and key support holding tight, Bitcoin could be ready for an encore beyond ATH. đ¤
As BTC steps closer to the spotlight, the coming trading sessions will be a nail-biter, revealing whether the breakout is a done deal or if BTC will chill a bit before its next big move.
Price Stays Above Key Mark
Bitcoin is holding court at $104,900, flexing its muscles as it aims for critical resistance at $106K. If BTC smashes this level, the next logical leap would be beyond all-time highs and aiming for $110K. With the crowd cheering bullish vibes, analysts are placing bets on a possible price discovery phase if BTC clears these hurdles.
However, the bulls need to defend the $103,600 zone to keep the game strong. This mark has been the goalie, keeping BTC on the offensive. Losing this support could send BTC back to the $100K bench for a rest.
For now, Bitcoinâs playing it strong, and if the bulls maintain their defense, a breakout beyond ATH could be around the corner. The upcoming days are like the penalty shootout, as BTC needs to stay above $103,600 and clear $106K to hit the next high score. If it all clicks, Bitcoin could be scripting its biggest hit yet, zooming into uncharted territories! đŻ
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2025-01-31 10:43