Bitcoin continues to impact the cryptocurrency market, reaching the $110,000 mark. However, there is a significant lack of demand from buyers, indicating that further growth may be limited.
Factors Holding Back Bitcoin's Growth
Bitcoin reached a three-week high of $110,300 but failed to surpass the all-time high of $112,000. The lack of significant buying volume on spot markets reflects limited trader interest. According to Swissblock Technologies, "BTC is breaking out, but where's the spot demand?"
Increased Demand and Market Sentiment
Data from Santiment shows that interest from retail traders is rising, shifting market sentiment from fear to greed. However, the high greed index (73) may signal a potential correction.
Outlook and Possible Corrections
According to K33 Research, spot trading volumes may remain low through the summer. Bitcoin could face a correction as the RSI shows proximity to overbought conditions. Santiment states, "don't be surprised by a brief rally halt while greed is high."
Currently, Bitcoin remains in an uncertain zone, with a risk of correction despite temporary increased demand. Investors should closely monitor market changes and demand dynamics.
