Signs Of The Times? Here’s What You Missed About Bitcoin This Past Week

Last week turned out quite interesting for Bitcoin for the rest of the crypto market as prices ticked higher. Bitcoin managed to reclaim the $100,000 price tag and the market sentiment was firmly in greed territory.

While Bitcoin price action was noteworthy, there are a few other developments pertaining the cryptocurrency that may have flown under the radar. Among them include New Hampshire becoming the first U.S state to approve a strategic Bitcoin reserve by signing it into law.

But even more interesting is that popular figures have started jumping on the band wagon. The most noteworthy among them is the popular Irish UFC fighter Conor McGregor who recently proposed that Ireland should create a Bitcoin strategic reserve.

While McGregor’s call for his country’s government to make a move on Bitcoin highlights the growing popularity of the idea of strategic reserves. While this could underscore the next big driver of adoption, it may also highlight a darker observation.

Is Bitcoin approaching the heights of FOMO?

The involvement of celebrities in crypto usually underscores the on-set of FOMO. The latter usually occurs at the tail end of a sizable rally. It is often characterized by rising hype and bullish expectations.

FOMO may drive prices higher but is often accompanied by profit-taking by whales with retail buyers providing exit liquidity. It is usually also marked by activity aimed at triggering more FOMO. This brings us to the next big development that many might have missed last week.

There was a surge in posts promoting false information regarding Bitcoin. For example, a recent AI-generated video of President Trump promoting crypto made rounds on X.

The AI generated video may have been aimed at swaying sentiment further towards FOMO. This observation could underscore the dangers of misinformation and how it could influence the market especially considering the level of influence Trump has on the market.

The false information may raise concerns about the possibility of a market manipulation attempt. However, the market continued demonstrating signs of resilience with whale alert data showing that whale demand was still in play.

Surge In Realized Profits

Nevertheless, the market did demonstrate some profit-taking. Realized profits surged to roughly $111.01 million in the last 24 hours, which was relatively low in the grand scheme of things. For context, this was significantly lower than the $1.15 billion worth of realized profits observed on 6 May.

A little more FOMO may actually aid Bitcoin in pushing towards higher prices. Which brings us to yet another observation that many might have missed recently.

Strategy Chair Michael Saylor recently revealed that BTC has been struggling to push higher due to a focus on short term profit-taking. The Bitcoin evangelist stated that the asset could easily push as high as $150,000 if the market switches to a longer-term approach.

A longer-term focus could already be at play judging by the relatively low profit-taking observed as per the realized-profits data. Negative spot flows amounted to less than $1 million in the last 24 hours, further confirming a strong bullish bias in the market.

Bitcoin was still holding on strong above $104,000 courtesy of weak profit-taking. This was in line with the improving bullish sentiment.  The latter improved over the weekend and was on the verge of pushing into extreme greed.

However, it is worth noting that Bitcoin’s latest rally pushed closer to its previous ATH. This means analysts will be closely watching how the tug of war will unfold between the bulls and bears as it enters a critical juncture.

Will Bitcoin push past its previous top and into price discovery or will it form a double top like it did in 2021? We will have to wait and see how things unfold.

The post Signs Of The Times? Here’s What You Missed About Bitcoin This Past Week appeared first on The Coin Republic.