Bitcoin Hits $58K As Retail Sentiment Improves, But Larger Holders Are Key To Sustained Rally
The post Bitcoin Hits $58K As Retail Sentiment Improves, But Larger Holders Are Key To Sustained Rally appeared on BitcoinEthereumNews.com.
Bitcoin surged to $58,000 today, sparking renewed optimism among retail traders. Wallets holding less than 1 BTC now account for their largest share of the supply in seven months, signaling growing interest from smaller investors. However, for Bitcoin to return to its all-time highs, analysts suggest a different ownership pattern is needed. 🐳 Bitcoin has reached as high as $58K today, with sentiment among retail traders beginning to look a bit more positive. Wallets with <1 BTC now hold their highest ratio of supply in 7 months. However, an ideal setup for crypto to rebound back to all-time high levels would… pic.twitter.com/riPbS2W9qz — Santiment (@santimentfeed) September 10, 2024 For a sustained rally, the ideal scenario would involve a decrease in wallets holding less than 1 BTC, steady growth among those holding 1 to 100 BTC, and aggressive accumulation by holders of 100+ BTC. These shifts would indicate increased confidence from more substantial investors, signaling a more robust market outlook. Meanwhile, the Bitcoin mining sector is becoming more competitive, with the network’s hash rate nearing new all-time highs. Miners’ faith in the Bitcoin network remains strong, but the short-term outlook is uncertain. The competitiveness of the Mining landscape and their conviction in the #Bitcoin Network continues to rise, with the Hash Rate blasting towards new ATHs. However, investors remain unconvinced in the short term, with exchange-related onchain volumes beginning to languish.… pic.twitter.com/MQBsKh6QeF — glassnode (@glassnode) September 10, 2024 On-chain exchange volumes have slowed, and despite Bitcoin’s decoupling from gold as investors move to a risk-off approach, sentiment remains bearish. Bitcoin remains in a bear phase and it has decoupled from Gold as investors switch to risk-off mode.@cryptoquant_com Our latest crypto report: https://t.co/XPaaGrs1Wz — Julio Moreno (@jjcmoreno) September 11, 2024 Bitcoin Miners Sells Off Their Holdings In the past 72 hours, miners…
Filed under: News - @ September 12, 2024 8:19 am