The recent close of Q2 at $107,149 marks a historic achievement for Bitcoin, attracting attention from the market and analysts.
Record Quarterly Close
Bitcoin closed Q2 at a record level of $107,149 on the Bitstamp exchange. This follows an 11.6% decline in Q1, followed by a 30% increase in Q2.
Impact of Social Media
Social metrics from LunarCrush and Santiment indicate a rise in Bitcoin-related engagement following a cryptic tweet from Elon Musk that included a rocket and a dollar symbol. While this sparked discussions, there was no direct reference to Bitcoin. Analysts from CryptoQuant and Kaiko noted that although social sentiment surged, significant wallet activity linked to Musk or Tesla has not been reported.
Current Market Dynamics
Glassnode reports that Bitcoin’s 14-day RSI remains under 60, indicating potential for further upward momentum. While whale activity shows mixed signals, particularly a 45% drop in large transactions over the past month, Bitcoin's technical posture remains positive, suggesting fundamental strength rather than hype-driven movement.
Despite Elon Musk’s influence on the market, current data suggests that his actions are not the primary catalyst behind Bitcoin's growth.
