The market capitalization of 2 billions of dollars of Bitcoin (BTC) attracted a wave of new buyers on the market, while experienced traders become cautious, according to the analysis of data on the chain of Glassnode.
The BTC price exceeded $ 100,000 last Thursday, raising its market capitalization of more than 2 billions of dollars for the first time since January 31, according to Data Source TradingView. Since then, the ship has stabilized above the bar of 2 dollars, analysts calling for record peaks on the back of an imminent American inflation data later on Tuesday.
It is common for new investors to join the market in such bruise conditions, and they do it in large numbers, alluding to Retail Fomo, a cryptographic slang for “fear of missing”. The FOMO occurs when investors feel obliged to buy parts because they see others win or fear that prices increase considerably without them. It leads investors to make impulsive purchases motivated by emotions rather than a careful study.
“The cartography of BTC’s offer shows a strong force in a new request. The first RSI buyers took place at 100 all week,” said Glassnode on X.
The Glassnode supply mapping tool represents the granular segmentation of different investor cohorts depending on their behavior models.
The first timers are defined as portfolios engaging with the token for the first time. The 30 -day relative force index of the first buyers holding 100 per week indicates a strong interest in purchase of these participants.
However, the activity of other investors cohorts is not as encouraging, which increases the possibility of consolidation or a decline in BTC prices.
According to Glassnode, the demand for Momentum buyers remains weak, the RSI from 30 days to 11 years. Momentum traders capitalize on a established tendency or tendency, bets will continue.
“Momentum buyers remain low (RSI ~ 11), and candidates increase. If fresh entrances are slow, the lack of follow -up could lead to consolidation,” noted Glassnode.
