- Bitcoin breaks out from wedge pattern, targeting the $112K resistance level.
- Retail sentiment spikes into “Greed Zone,” signaling possible correction ahead.
Bitcoin has surged past $108,000, showing strong market recovery after dipping below $100K just four days ago. Santiment data highlights a sharp increase in retail-driven enthusiasm as Bitcoin continues to rebound.
The recent dip below $100K triggered panic selling, but sentiment has now shifted toward greed. Analysts noted this is the second-largest spike in FOMO within two weeks, a sign that retail investors are piling back in.
However, Santiment warns that such emotional surges often precede corrections. The current market mood sits deep in the “Greed Zone,” a historical signal for potential short-term reversals.
At the time of writing, Bitcoin is trading at $108,696.59, up 2.23% in the past 24 hours. Trading volume has jumped 44.43% since dipping below $106K earlier in the day.
Technical Breakout Above Key Resistance Level
According to Crypto Faibik, Bitcoin has confirmed a bullish breakout from an Ascending Broadening Wedge on the 4-hour chart. The move above the $105.7K resistance line validates the pattern, which is often seen as a bullish reversal.
BTC is now trading confidently above the upper trendline, signaling continued strength. The wedge had formed as price consolidated between diverging trendlines, and the breakout came with a notable increase in volume.
This aligns with recent price action that saw Bitcoin climb from sub-$100K to current levels. With targets pointing toward $112K, analysts suggest the breakout could lead to a new all-time high if momentum holds.
Coinbase CEO Armstrong Highlights Bitcoin Over Gold
A resurfaced video of Coinbase CEO Brian Armstrong has reignited comparisons between Bitcoin and gold. In the clip from the World Economic Forum, Armstrong responds to South African Reserve Bank Governor Lesetja Kganyago, who questioned Bitcoin’s value.
Armstrong argued that Bitcoin’s scarcity, divisibility, and digital utility give it advantages over gold. He emphasized that Bitcoin works better in modern financial systems due to its portability and transaction efficiency.
Armstrong also noted Bitcoin’s historical price gains, pointing out its nearly 34,000% increase over the last decade compared to gold’s 181%. The comments have resurfaced amid renewed debate on Bitcoin’s role in global finance.
However, while sentiment is bullish, historical trends suggest caution may be warranted as retail confidence peaks.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
