The price of Bitcoin [BTC] seems to be picking up momentum following a period of sluggish movement in the previous week.
Within the last 24 hours, the digital currency has experienced a 1.3% uptick, taking its current trading value to $96,714 as of now.
This recent upswing has propelled Bitcoin’s market capitalization to $1.915 trillion, with a 24-hour trading volume standing at $92.1 billion.
These metrics indicate a robust market presence as Bitcoin edges closer to a significant psychological milestone of $100,000.
Against this backdrop, recent data highlights a surge in retail investor interest in Bitcoin.
As per Darkfrost, an analyst at CryptoQuant, Bitcoin’s 30-day retail demand change has hit its highest level since 2020.
This surge is attributed to the increasing involvement of retail investors, a trend that typically signals heightened market activity.
While such retail involvement has historically preceded local price peaks, it also signifies a broader interest that could sustain momentum, especially when paired with institutional investments.
Retail Interest and Crucial Market Metrics
The spike in retail interest has coincided with Bitcoin entering a phase of sideways trading.
Darkfrost pointed out that although retail demand might wane during this range-bound trading phase, a breakthrough above the $100,000 resistance level could reignite retail excitement.
Such a breakout could usher in an exuberant market phase, fostering strong positive momentum.
Nevertheless, it is essential to monitor the balance between retail and institutional activity to ensure prolonged market growth, given that institutional involvement offers enduring support.
Meanwhile, data from Coinglass revealed a 1.66% uptick in Bitcoin’s Open Interest, followed by a 1.77% dip, resulting in a current valuation of $78.46 billion.
One crucial metric, the Spent Output Profit Ratio (SOPR), stood at 1.02 at the time of reporting. The SOPR gauges whether Bitcoin holders are selling their assets at a profit or a loss.
A SOPR value exceeding 1 typically indicates that investors are selling at a profit, signaling bullish sentiments. However, the slight margin above 1 suggests a consolidation phase rather than a full-fledged rally.
Bitcoin’s Prospects as $100,000 Nears
The mounting retail interest has fueled speculation regarding Bitcoin’s potential to breach the $100,000 mark soon.
Interestingly, earlier reports from CryptoCrypto hinted at subdued retail participation, as indicated by the Korea Premium Index remaining below -0.5.
This indicated that retail engagement did not significantly drive the previous price surge. However, with the current uptick in retail interest, the landscape could evolve, opening up avenues for Bitcoin to hit this pivotal milestone.