The $110K Dream: Is Bitcoin About to Make Retail Investors Cry? 🤔

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Bitcoin, with its endless ambitions, might just be looking at the $110,000 horizon. And who are the dreamers pushing it? The whales—those gargantuan holders of BTC who have recently gone on a shopping spree, hoarding a cool 83,000 BTC in the past 30 days. Meanwhile, small fry investors are cashing in, pulling out their profits, clearly expecting the price to hit a local top. 🐋💰

Whales, those majestic beings with wallets containing between 10 and 10,000 Bitcoin, have been snapping up more coins, like they’re trying to fill a bottomless vault. Meanwhile, the less fortunate—those holding less than 0.1 BTC—are offloading a mere 387 BTC. Clearly, these movements, while trivial for retail, are seismic when you measure them against the total supply held by each group. It’s like comparing a paper airplane to a Boeing 747. 🛩️

Small investors, always the pragmatists, seem to be taking their profits, likely guessing that we’ve hit a top. In contrast, large holders are holding strong, suggesting their unshakable confidence in Bitcoin’s continued ascent. Could $110,000 be the next stop? It’s certainly within the realm of possibility. 🌐

And why this sudden shift in sentiment? Macro news, of course. The U.S. and China struck a deal to slash tariffs for 90 days. Of course, that sent market sentiment into overdrive, sending Bitcoin to a sweet weekly high of $104,710, before it decided to cool off and settle back around $102,500. 🙄

Glassnode’s on-chain data, posted just the other day on X, further backs up this rollercoaster ride. The company noted that while first-time buyers are still clamoring for Bitcoin, momentum traders seem to be taking a breather. The RSI (Relative Strength Index) has held steady, reflecting the enthusiasm of newbies, but without fresh momentum, we could be in for a consolidation phase. 🧘

$BTC Supply Mapping shows sustained strength in new demand. First-Time Buyers RSI has held at 100 all week. But Momentum Buyers remain weak (RSI ~11), and Profit Takers are rising. If fresh inflows slow, lack of follow-through could lead to consolidation:

— glassnode (@glassnode) May 12, 2025

On the institutional front, things are looking just as stable. On May 12, a strategy added a hefty $1.34 billion worth of Bitcoin to their reserves, bringing their total to 568,840 BTC, about 2.86% of the current supply. Japan’s Metaplanet joined the party with 1,241 BTC, now sitting pretty with a total of 6,796 BTC. Oh, and Bitcoin ETFs? They’ve raked in a staggering $2.03 billion in the last month. Not bad for a market that some people still think is just a phase. 💼

The technical analysis shows Bitcoin above all major moving averages—this is the golden zone, where things are looking bullish. The 10-day EMA and 50-day SMA are flashing “Buy!” signals, while momentum indicators like the MACD are all leaning towards positive. 🟢

The RSI is now at 68—just shy of overbought territory. This suggests that the road to $110,000 could be bumpy, especially around the $105,000-$106,300 zone, where the upper Bollinger Band lies. If Bitcoin can break above that, though, it’s off to the races. But beware—the $97,600-$94,000 support zones are lurking, and a dip below those could spell a deeper retracement, possibly down to $89,800. Talk about whiplash! 💥

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2025-05-13 10:01