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Bitcoin’s price has been on a whopping run that drove it from $68,000 on US election day just over a week ago to a fresh all-time high of over $93,000 earlier this morning.
After gaining roughly $25,000 within the span of less than ten days, the crowd has expectedly turned highly bullish and the levels of FOMO have skyrocketed. This, alongside the massive trading volumes for the ETFs, could lead to a more painful correction, at least in the short term.
ETF Volumes Suggest a Retracement
The most recent price increases that drove BTC to $93,400 for its latest ATH seemed to have been fueled by the growing demand for the spot Bitcoin ETFs in the States. Nevertheless, Santiment observed that it’s not only investors pouring funds in but there are also substantial outflows, which are still lower than the inflows.
However, inflows have declined in the past few days. Additionally, the ETFs recently reached a combined trading volume of over $8.2 billion, which coincides with the peak on March 14, when BTC skyrocketed to its all-time high of $73,737.
According to the market analytics platform, if history repeats, this could mean trouble for the cryptocurrency’s price, at least in the short term.
Bitcoin’s 7 largest ETF’s have combined for $8.21B, the largest day since the day BTC peaked at the March 14th then all-time high of $73.7K. This indicates massive polarity between buyers and sellers, and if history repeats, could signal the $93.4K level as a temporary top. pic.twitter.com/SvZXGafnEN
— Santiment (@santimentfeed) November 13, 2024
FOMO on the Rise
With BTC gaining over 35% in eight days, the crowd naturally turned greedy. The Fear of Missing Out (FOMO) levels shot up as well, with most traders anticipating BTC to reach $100,000 soon. Santiment reminded that people should be wary in times of extreme greed, and even suggested that a counter-trade could be a proper strategy.
Bitcoin’s incredible run has now topped out at a new all-time high price of $93,490. The hype across social media platforms is calling the tops very reliably, with the biggest signal came as $100K+ BTC price speculation poured in right at the ATH 4 hours ago.
Counter-trade… pic.twitter.com/fqn0tVEL80
— Santiment (@santimentfeed) November 13, 2024
CryptoPotato listed a few more reasons yesterday why BTC’s price might retrace further before it goes any higher. As of now, the asset has slipped below $90,000, but there could be more pain behind the corner. After all, recall what happened last time when the community put the laser eyes expecting BTC to shoot up to $100,000.
This article first appeared at CryptoPotato
