Despite Bitcoin approaching the $66,000 mark, several signs suggest it’s not ready to hit a new all-time high. Retail investor activity remains low, as seen by Coinbase’s app ranking at 385, showing minimal enthusiasm despite Bitcoin’s recent gains. Meanwhile, China’s stablecoin markets reveal bearish sentiment, with USDT trading below parity for two weeks. Lastly, Bitcoin futures markets reflect caution, with a mere 6% premium, signaling institutional investors are not fully convinced of a breakout.
Personal opinion: The indicators paint a cautious picture for Bitcoin. While institutional inflows have helped, retail activity and skepticism in China’s markets are crucial elements holding back BTC’s potential. With a lack of strong conviction from both retail and institutional investors, Bitcoin’s climb could face significant challenges unless underlying market sentiment shifts. Will this hesitation keep Bitcoin from reaching new highs? Show Less
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