bitcoin hit a new all-time high of $90,243 yesterday, boosted by a week of intense buying pressure. This latest surge has generated excitement throughout the cryptocurrency market, with many speculating that the next target could be even higher.
However, as btc approaches this milestone, we may see a brief consolidation phase before the next bullish push. Key data from Glassnode reveals a surprising insight: long-term holders are showing no signs of extreme greed or aggressive profit-taking despite rapid price appreciation.
This cautious optimism among long-term holders suggests they view this rally as the beginning, not the peak, of a broader bull phase. Unlike previous euphoric highs, where investors rushed to lock in profits, the current sentiment reflects measured confidence in bitcoin's potential for sustained growth.
Analysts are watching closely to see if btc can establish new support around $90,000, setting the stage for further gains. As btc consolidates near this level, market sentiment indicates that the rally could have significant room to grow, especially if long-term holders remain stable.
Start of the bitcoin rally
bitcoin has officially entered its long-awaited bull phase after an extended 8-month period of sideways consolidation and selling pressure.
The price has risen 20% above its previous all-time high set in March and is now testing uncharted territory. This breakout has generated optimism in the market, with many anticipating that the price of bitcoin could continue to rise as price discovery progresses.
<a target="_blank" href="https://x.com/ali_charts/status/1856561880774418674″ target=”_blank” rel=”noopener nofollow”>Key Data Shared by Glassnode and crypto Analyst Ali Martinez About x reveals some crucial insights into current market sentiment. Despite btc's impressive price movement, long-term holders are yet to show signs of extreme greed, suggesting that the market is still in the early stages of this bullish phase.
The long-term holder net unrealized gain/loss (NUPL) metric, which tracks the profitability of coins held by long-term investors, is currently in the “greed” zone, but has not yet reached the levels of “extreme greed” seen in previous years. cycles. This indicates that while investors are confident and holding their positions, they are not yet completely consumed by the euphoria that typically signals a market top.
This data suggests that big players, including institutional investors and long-term holders, remain optimistic about bitcoin's prospects in the coming weeks.
The absence of extreme greed implies that there is still room for further growth, as the market has yet to reach the same levels of vitality that often precede significant corrections. As btc continues to reach new highs, this measured confidence could support a sustained uptrend.
btc consolidates below $90,000
bitcoin is trading at $87,600 after hitting a new all-time high of $90,243. After a week of aggressive buying pressure, the price appears to have found a local high for now and appears to be about to enter a consolidation phase below the $90,000 mark. Market participants are likely to monitor key levels during this phase to assess whether the uptrend can continue.
If btc manages to hold above the $85,000 mark, a retest of this level would be expected, with a possible continuation to higher levels if support holds. This would indicate that the bullish momentum is still intact and that bitcoin is preparing for its next advance.
However, if the price fails to hold the $85,000 level, btc could face a pullback to lower demand levels, potentially around the $82,000 mark. A drop below this threshold could signal a deeper correction, with more support levels tested on the downside before buyers re-enter the market.
In the coming days, price action around these critical levels will help determine whether btc will rise further or take a breather before the next rally. Investors should remain alert to evolving price dynamics.
Featured image of Dall-E, TradingView chart
