{"id":606512,"date":"2024-05-04T06:25:00","date_gmt":"2024-05-04T06:25:00","guid":{"rendered":"https:\/\/wncen.com\/?p=606512"},"modified":"2024-06-11T07:00:26","modified_gmt":"2024-06-11T07:00:26","slug":"bitcoin-back-above-63000-will-fomo-fuel-another-rally-or-lead-to-a-bust","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-back-above-63000-will-fomo-fuel-another-rally-or-lead-to-a-bust\/","title":{"rendered":"Bitcoin Back Above $63,000: Will FOMO Fuel Another Rally Or Lead To A Bust?"},"content":{"rendered":"

The Bitcoin price made a strong comeback on Friday after witnessing a significant amount of bearish pressure throughout the past week. On Wednesday, May 1, the premier cryptocurrency fell below the $60,000 mark<\/a> for the first time in almost two months.<\/span><\/p>\n

On Friday, May 3, the price of BTC recovered above the $60,000 level, going as high as $63,000 in the past day. <\/span>However, the question is – can the Bitcoin price enjoy a sustained rally following this latest resurgence?<\/span><\/p>\n

How Long Will The BTC Price Rally Last?<\/span><\/h2>\n

In a recent post on the X<\/a> platform, Santiment pointed to a shift in investors\u2019 position and sentiment on the Bitcoin price following the recent surge above $62,000. According to the on-chain analytics site, traders on the Binance platform are \u201cgoing from liquidated shorts to longs\u201d after the latest price increase.<\/span><\/p>\n

Related Reading: Shiba Inu Stands Strong: Over 650K Wallet Addresses Still Profitable Amid Recent Price Drop<\/a><\/div>\n

While this shift in sentiment might signal renewed optimism in the premier cryptocurrency, Santiment sounded a warning bell for enthusiasts watching the Bitcoin price and looking to get into the market. The blockchain firm said in its post:\u00a0<\/span><\/p>\n

For the rally to continue, we don’t want to see FOMO rising too much higher than what it appears to be now.<\/span><\/p><\/blockquote>\n

\"Bitcoin<\/p>\n

Source: Santiment\/X<\/a><\/pre>\n
FOMO<\/a>, or \u201cfear of missing out,\u201d is a phenomenon where investors hastily purchase in-demand assets out of fear of missing out on potential gains. While it can drive the asset to a higher price in the short term, excessive FOMO often results in unsustainable bullish trends and subsequent downturns.<\/span><\/p>\n
What’s more, crypto prices tend to move in the opposite direction of the crowd\u2019s expectations. Hence, if the majority of traders are betting on the Bitcoin price to rise, there is a great likelihood that the cryptocurrency\u2019s value will experience a drop.<\/span><\/p>\n
Behind The Bitcoin Price Surge<\/span><\/h2>\n
As of this writing, the Bitcoin price stands at around $62,871, reflecting a substantial 6% increase in the last 24 hours. <\/span>Although the catalyst for this latest Bitcoin rally<\/a> remains unclear, on-chain data shows that recent whale activity might have triggered the bullish momentum.<\/span><\/p>\n
Related Reading: Crypto Expert Turns Bullish On Bitcoin, Predicts Quantitative Easing Will Begin Soon<\/a><\/div>\n
In a recent post on X<\/a>, CryptoQuant CEO and founder Ki Young Ju revealed that Bitcoin whales acquired 47,000 BTC in a single day. Ju also said that while this class of investors might have included ETF-associated addresses, the recent spike in \u201cbalances for whale addresses\u201d is not ETF-related.<\/span><\/p>\n
\n
#Bitcoin<\/a> whales accumulated 47K $BTC<\/a> in the past 24 hours. We’re entering a new era. pic.twitter.com\/SXgzToN8GU<\/a><\/p>\n
\u2014 Ki Young Ju (@ki_young_ju) May 3, 2024<\/a><\/p><\/blockquote>\n
\"Bitcoin<\/p>\n
 Bitcoin price fails to hold above $63,000 on the daily timeframe | Source: BTCUSDT chart from TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price made a strong comeback on Friday after witnessing a significant amount of bearish pressure throughout the past week. On Wednesday, May 1, the premier cryptocurrency fell below the $60,000 mark for the first time in almost two months. On Friday, May 3, the price of BTC recovered above the $60,000 level, going as high as $63,000 in the past day. However, the question is – can the Bitcoin price enjoy a sustained rally following this latest resurgence? How Long Will The BTC Price Rally Last? In a recent post on the X platform, Santiment pointed to a shift in investors\u2019 position and sentiment on the Bitcoin price following the recent surge above $62,000. According to the on-chain analytics site, traders on the Binance platform are \u201cgoing from liquidated shorts to longs\u201d after the latest price increase. Related Reading: Shiba Inu Stands Strong: Over 650K Wallet Addresses Still Profitable Amid Recent Price Drop While this shift in sentiment might signal renewed optimism in the premier cryptocurrency, Santiment sounded a warning bell for enthusiasts watching the Bitcoin price and looking to get into the market. The blockchain firm said in its post:\u00a0 For the rally to continue, we don’t want to see FOMO rising too much higher than what it appears to be now. Source: Santiment\/X FOMO, or \u201cfear of missing out,\u201d is a phenomenon where investors hastily purchase in-demand assets out of fear of missing out on potential gains. While it can drive the asset to a higher price in the short term, excessive FOMO often results in unsustainable bullish trends and subsequent downturns. What’s more, crypto prices tend to move in the opposite direction of the crowd\u2019s expectations. Hence, if the majority of traders are betting on the Bitcoin price to rise, there is a great likelihood that the cryptocurrency\u2019s value will experience a drop. Behind The Bitcoin Price Surge As of this writing, the Bitcoin price stands at around $62,871, reflecting a substantial 6% increase in the last 24 hours. Although the catalyst for this latest Bitcoin rally remains unclear, on-chain data shows that recent whale activity might have triggered the bullish momentum. Related Reading: Crypto Expert Turns Bullish On Bitcoin, Predicts Quantitative Easing Will Begin Soon In a recent post on X, CryptoQuant CEO and founder Ki Young Ju revealed that Bitcoin whales acquired 47,000 BTC in a single day. Ju also said that while this class of investors might have included ETF-associated addresses, the recent spike in \u201cbalances for whale addresses\u201d is not ETF-related. #Bitcoin whales accumulated 47K $BTC in the past 24 hours. We’re entering a new era. pic.twitter.com\/SXgzToN8GU \u2014 Ki Young Ju (@ki_young_ju) May 3, 2024 Bitcoin price fails to hold above $63,000 on the daily timeframe | Source: BTCUSDT chart from TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":558110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,78790,12256,83534,57231],"class_list":["post-606512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-fomo","tag-ki-young-ju","tag-santiment"],"acf":[],"yoast_head":"\nBitcoin Back Above $63,000: Will FOMO Fuel Another Rally Or Lead To A Bust?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price made a strong comeback 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. 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