Bitcoin has surged past $97,900, the highest in two months, providing profits for over 3 million investors. This upward trend follows a shaky period but shows signs of renewed confidence as short-term holders recover losses. Both retail and institutional interests are rising, with improved sentiment about approaching the $100,000 mark.
Bitcoin (BTC) is back on the rise, hitting a two-month high and bringing profits to many investors who were previously dealing with losses. Recent data from Glassnode indicates that while the crypto market has faced a lot of ups and downs, it’s now steadying, with Bitcoin’s price surpassing $97,900, a notable increase in the last days. This price surge comes as the broader cryptocurrency market turns predominantly positive on Wednesday.
Market sentiment has been shaky lately, with many investors worried about the signs of a potential bear market. There were definitely some alarm bells as investors scrutinised on-chain statistics revealing reduced confidence levels, especially among retail investors. However, the narrative seems to be shifting a bit, as Bitcoin’s rise toward the $98,000 mark has reignited a sense of optimism. At the time of writing, Bitcoin trades at $96,554.93, a 2.18% increase over the last day, according to CoinMarketCap.
This visibility in Bitcoin’s performance is noteworthy, as an estimated 3 million BTC that were previously out-of-the-money are now back in the profit zone, boosting broader investor morale. It’s a refreshing change for many, considering the prior slump that had many scrambling.
Furthermore, Glassnode highlights a significant drop in unrealised losses for short-term Bitcoin holders, which hints that many newer investors are again finding themselves in the green. This potentially marks a turnaround after a challenging period in the market, although it’s tough to pinpoint the exact reasons for the recent rally.
There are a few suspected contributors to this uplift, such as macroeconomic conditions, rising interest from both retail and institutional investors, and a general shifting sentiment toward a more bullish stance among crypto enthusiasts. Institutional players, in particular, have seen their returns improve thanks to renewed inflows into U.S. spot Bitcoin ETFs following Bitcoin’s price resurgence.
With this upward momentum, many eyes are now on the $100,000 resistance level. It seems like that much-anticipated target could be closer than imagined, fuelling excitement and providing some much-needed relief for market players, from big institutions to casual traders alike. The atmosphere in the crypto community, although still cautious, is looking a tad brighter these days.
