Retail Traders Propel Bitcoin’s Comeback: Is $100k the Next Milestone?

Key Points

• Bitcoin’s value increased by 11% last week, reaching the $94,000 mark again.
• Binance retail traders contributed to this rise, purchasing over 15,000 BTC from April 19th to 23rd.

Bitcoin experienced an 11% increase in value last week, pushing it back to the $94,000 level.

This surge in value occurred amidst mixed market signals.

Bitcoin’s Market Performance

Bitcoin, or BTC , has seen recent market gains.

These gains can be attributed to its performance last week, where it increased by 11% and reclaimed the $94,000 price level.

The asset is currently trading near the midpoint between $89,000 and the much sought-after $100,000 zone.

While some indicators suggest it could reclaim the higher range, others point to a potential decline.

Role of Binance in Bitcoin Rally

Binance , which controlled up to 40% of retail Spot Trading activity, indicated a shifting mood that could be beneficial for Bitcoin.

From April 6th to April 10th, over 15,000 BTC worth $1.41 billion flowed into Binance, likely in preparation for sales.

However, the following week saw a shift in sentiment as Bitcoin investors began moving their assets into private wallets for long-term storage or self-custody.

From April 19th to April 23rd, Binance Retail Traders bought more than 15,000 BTC, maintaining upward momentum.

During this period, the Exchange Whale Ratio fell below 0.3, indicating that the upward rally was driven by retail traders, a sign of growing confidence in the market.

This aligns with other bullish sentiment in the market, particularly among U.S. and Korean traders.

Increased Interest from U.S. and Korean Investors

U.S. and Korean investors have renewed their buying interest, reinforcing Bitcoin’s bullish structure.

CryptoQuant’s analysis shows that buying activity in the Korean market has been gradually increasing.

With a reading of 0.8 above the neutral level of 0, more Bitcoin has been purchased.

If this trend continues, and the reading rises as high as 3—where it has been in the past—this could signal continued buying momentum.

U.S. investors, who were selling their Bitcoin holdings until 2020, have continued buying at full force.

As of now, buying by U.S. investors has reached a new high, last seen on February 3rd, indicating strong interest in the asset.

With Korean and U.S. investors stepping up, Bitcoin could experience a major rally.

However, the asset must first overcome selling pressure from other market participants.

Selling Pressure in the Bitcoin Market

Long-term holders in the market remain cautious about Bitcoin’s rally trajectory at its current level, as the Binary Coin Days Destroyed (CDD) continues to drop.

When the Binary CDD reading is 1, it indicates that long-term traders are selling their holdings.

This can be traced to profit-taking, as shown by the Adjusted Spent Output Profit Ratio (ASOPR).

Moreover, the Adjusted Spent Output Profit Ratio (aSOPR) stayed above 1, confirming sales were happening at a profit.

However, profit-taking often serves as healthy rotation, providing fresh fuel for future rallies.

If Bitcoin consolidates firmly between $95,000 and $96,000, long-term holders might re-enter aggressively, reigniting momentum.