Bitcoin has regained investor profits, reaching over $97,900—the highest in two months. A mix of investor sentiments prevails, with confidence growing as Bitcoin’s price rose 2.18% recently. Short-term holders benefit from reduced losses, and institutional interest is increasing. The $100K level now seems attainable as market excitement builds.
In a notable turn, Bitcoin (BTC) has bounced back, hitting a two-month high and restoring profits for many investors, according to insights from Glassnode. On Wednesday, as leading cryptocurrencies saw gains, Bitcoin’s price surged above $97,900, marking its peak since late summer.
The overall market had faced a wave of scepticism recently, with troubling on-chain data suggesting a dip in investor confidence; many were wary about a potential new bear market. Nonetheless, while major investors in Bitcoin maintained a bullish outlook, retail investors seemed caught between optimism and the fear of further price drops, leading to a rather mixed sentiment in the market.
Despite these concerns, Bitcoin’s strides toward the $98K mark have rekindled some hope, boosting market morale considerably. As it stands, Bitcoin trades at approximately $96,554.93, reflecting a 2.18% increase in the past 24 hours according to CoinMarketCap data. This uptick has pushed over three million previously underwater BTC investments back into profit.
Moreover, Glassnode’s findings reveal a sharp decline in unrealized losses among short-term Bitcoin holders, signifying that many investors who had recently entered the market are finally seeing gains after dealing with dips over the last few weeks. The rally’s specific drivers are still somewhat unclear, but a mix of macroeconomic factors, growing interest from both retail and institutional incursions, and an emerging bullish sentiment likely play roles.
The recovery isn’t limited to just short-term holders; institutional investors are also witnessing improved returns. Particularly, U.S. spot Bitcoin ETFs have reported a resurgence in inflows following this price uptick. As the momentum strengthens, the once-elusive $100K resistance level looms closer, sparking renewed excitement and optimism among market participants.
