If you've been following the price actions of bitcoin, then you probably can see that we are kinda stuck between 90K and 100K. A few times we break past 100K for a short while and came back to the 90-98K range. That kind of action is nothing new in a crypto cycle, but what really surprises me is the general behavior of the bitcoin hodlers. The Greed and Fear index still works but strangely I don't see people panicking when it comes to btc.
image from pixabay
That says a lot about where we are in this cycle.
I remember how things used to be a few years, or even months back. Any little sign of trouble and you would see a dramatic sell off that could give you a heart attack. But amazingly, according to cryptoquant's data, it says that the only real panic-selling moment we experienced in this cycle was back in September 2023 (nearly a year and half). The records are showing that since then, profits have outweighed losses in the market. That's a good sign that shows that people aren't making emotional decisions anymore and that simply means to me that the crypto community is maturing.
This impacts the overall market:
Like I said, by inference the market is in a phase where it seems both bulls and bears are trying to take control, but it seems neither is winning, and I think this new attitude of bitcoin investors is responsible for this. I know it's not exciting but hey, it's a sign of a strong currency. There will definitely be some price action along the line, don't know if it's up or down, but I'm happy about the fact that btc is not acting as volatile as it's known to be over the years.
Based on some analysis, if bitcoin breaks past 100K and a little beyond, it could trigger a new wave of buying, which would push the price even higher. Likewise if it drops below 95K, things might get a little volatile in the negative direction, but considering how holders have handled recent previous dips, I sincerely don't see a major collapse happening. But then again, bitcoin is still crypto and therefore its identity hasn't changed from the fact that it can surprise you when you least expect so don't take these words as financial advice but just my opinions.