This article is also available in Spanish.
bitcoin has proven to be unstoppable, surpassing all-time highs five times in six days and surpassing the $82,000 mark. This latest milestone cements bitcoin's momentum as it moves into uncharted territory, capturing the attention of bulls and generating new levels of optimism in the market.
According to recent data from CryptoQuant, the number of bullish investors is growing rapidly, but there is reason to believe that bitcoin's rally is far from over.
Related reading
Insights from CryptoQuant indicate that btc remains significantly below its March 2024 peak in several key metrics, suggesting that bitcoin may still have room to climb within this cycle. This gap highlights that, despite the impressive gains, bitcoin could still be moving towards a true cycle peak, with potential gains yet to be realized.
As investor confidence strengthens and bitcoin shows resistance at each new level, the market is closely watching for signs of continued bullish momentum. The next few days will be crucial in determining how far bitcoin can go as it solidifies its place in the next phase of this bull run.
bitcoin bulls enter the room
bitcoin bulls are back after eight months of sideways consolidation and significant selling pressure. With bitcoin now trading 11% above its previous all-time high from March, market sentiment has turned decidedly bullish, marking the beginning of a new trend.
x.com/AxelAdlerJr/status/1855886519501836383″ target=”_blank” rel=”nofollow”>According to data from CryptoQuant analyst Axel AdlerThe number of bullish investors in the market is constantly increasing, indicating increasing confidence. However, despite this rally, the current rally lacks the frenetic demand seen during the March 2024 rally, when both retail and institutional interest reached euphoric levels.
Adler's data indicates that while bulls have a strong presence in the market, the pace of accumulation of new retail and institutional participants remains relatively modest. This gap between current market dynamics and those seen in March suggests that bitcoin's latest surge may be just the beginning rather than the end of its upward trajectory this cycle.
Related reading
The slower but steady rise in buying interest could indicate that bitcoin is still in the early stages of this bull phase, with room for further growth before reaching a cycle peak.
For investors, this could represent a promising opportunity. The moderate level of retail and institutional enthusiasm suggests that bitcoin has yet to capture widespread attention as it did during previous spikes. If demand gradually increases, bitcoin may see sustained growth in the coming months, potentially reaching new highs as momentum builds.
btc setting a new high
bitcoin recently established a new all-time high above $82,000, which many investors previously viewed as a possible local high. However, btc price action remains strong and it may be too early to expect a definitive spike.
Despite this bullish momentum, a possible pullback to $77,000 could be on the horizon as there is an unfilled gap in the CME futures market between $77,000 and $81,000, a technical level that often attracts stock action. price as traders look to close the gap.
This week will likely bring significant volatility as the bulls control the market. With bitcoin in uncharted territory, some investors may take the opportunity to lock in profits, which could introduce selling pressure.
Related reading
However, the dominant trend is bullish and a brief correction to $77,000 could set the stage for a further rise. bitcoin's strength remains intact for now, but all eyes will be on how it responds to volatility and whether it can maintain this high range or drop slightly before resuming its ascent.
Featured image of Dall-E, TradingView chart
