Bitcoin briefly dipped to a two-month low of $89,000 on Monday, sparking concerns across the market. The cryptocurrency bounced back almost immediately, though, showing its resilience and rekindling investor confidence.
In the past week, Bitcoin-focused ETFs saw an inflow of $1.7 billion, topping the $1.35-billion average per week seen of late. This uptick underlines growing optimism about Bitcoin’s potential as a long-term investment.
Retail investors, known as “Shrimps,” are also showing bullish behavior. These holders, with less than 1 BTC each, are adding to their positions at a rate of 17,600 BTC per month. Their collective holdings now total 1.36 million BTC. This rapid accumulation reflects confidence in Bitcoin’s ability to recover and rally further.
It then fell to $89,000, after which Bitcoin quickly recovered, raising expectations for a possible move above the resistance level of $95,668. Its strong inflows and accumulation by Shrimps are its solid supporters. Many analysts predict that Bitcoin will aim for the milestone of $100,000 very soon.
While Bitcoin seems to prepare for a breakout, it may continue consolidating in the range of $93,625-$95,668 before setting up for stronger upwards. In any case, the recent rebound underlines the excellent market sentiment and optimism for further growth.
All that resilience reinforces the position of Bitcoin as a main player in the digital asset market, even amid turbulence.
