Bitcoin’s $108K breakout: Is retail FOMO driving the market?
- Bitcoin rebounds to $108K as whale exercise and retail FOMO gasoline bullish momentum.
- Sentiment spikes into the greed zone, however technicals warn of potential short-term correction forward.
Bitcoin [BTC] has snapped again above $108K, flipping the script on the current sub-$100K scare.
A wave of optimism is sweeping via retail circles, whereas deep-pocketed gamers seem like making daring, calculated bets.
From sudden whale exercise to high-leverage conviction performs, this newest surge is stirring extra than simply worth motion.
Right here’s what we’re seeing, and what it might imply subsequent.
FOMO returns, however so does a well-recognized signal
Bitcoin’s sharp rebound to $108K from $105K yesterday has sparked a surge in retail optimism — mirrored within the second-highest spike in FOMO sentiment in two weeks.
In keeping with Santiment, dealer temper has re-entered the “greed zone,” a territory traditionally related to market tops.
Supply: Santiment
After final week’s drop under $100K, many merchants panic offered. Now, social sentiment is flipping bullish simply as costs start climbing once more.
However in crypto, that sort of vitality has usually preceded reversals. With sentiment outpacing fundamentals, the group might as soon as once more be establishing for a contrarian transfer.
Whale wallets make their transfer
Recent on-chain information confirms what many suspected; whales are stepping in aggressively.
Supply: X
One pockets just opened a 20x leveraged lengthy price over $50 million, aiming to capitalize on BTC’s momentum at $106.5K.
Supply: X
Concurrently, 997 BTC flowed out of Kraken into unidentified wallets in a sequence of enormous transactions, elevating eyebrows throughout the board. These are high-conviction positions from entities that not often act with out goal.
Whereas retail merchants wrestle with FOMO, whales appear to be betting on a deeper upside.
Momentum builds, however warning creeps in
Bitcoin’s RSI sat at 61.13 at press time, an indication of bullish momentum with out but hitting overbought territory. Value motion confirmed sturdy restoration candles above $108K, although at this time’s slight pullback suggests short-term exhaustion.
The OBV at 1.74M supported continued accumulation, however a flattening slope hints that purchasing stress could also be cooling.
Supply: TradingView
If OBV and RSI diverge additional, a short-term correction might comply with. Bulls nonetheless management the development, however sustaining above $110K with quantity affirmation will likely be key to avoiding a repeat of late-Could’s rejection.
