TLDR
- Bitcoin rebounds above $108,000 following recent dip below $100,000, gaining 1.7% in 24 hours
- Whale activity intensifies with $50 million leveraged position and 997 BTC withdrawn from Kraken exchange
- Long-term holders remain confident as Binary Coin Days Destroyed metric shows declining selling pressure
- US institutional demand drives price action while retail FOMO sentiment enters “greed zone”
- Technical indicators show bullish momentum but warn of potential short-term correction risks
Bitcoin has returned to levels above $108,000 after experiencing a recent drop below $100,000. The cryptocurrency posted a 1.7% gain in the last 24 hours, reaching $109,505 according to recent data.
This recovery places Bitcoin within 2% of its all-time high of $111,000 set last month. The move represents a 4% increase over the past week.
The current rally differs from previous price surges in its measured approach. Unlike past rallies driven by sharp spikes and speculative retail demand, recent gains have occurred in a relatively quiet trading environment.
On-chain indicators provide insight into the sustainability of current price action. The Binary Coin Days Destroyed metric, which tracks long-term holder spending behavior, shows a declining 30-day moving average.
This decline suggests long-term holders are not yet exiting their positions. The data indicates continued confidence among these investors in Bitcoin’s potential for further gains.
Institutional demand appears to be driving recent momentum. The Coinbase Premium Index, which measures price differences between US-based Coinbase and global exchanges, is increasing.
The premium is approaching levels observed during Bitcoin’s previous peaks in March and December 2024. This suggests stronger buying pressure from US-based institutional investors.
Whale Activity Intensifies
Large-scale market participants have increased their activity. One wallet recently opened a 20x leveraged long position worth over $50 million at the $106,500 level.
UPDATE đ¨ A WHALE JUST OPENED A 20X LEVERAGE BITCOIN LONG WORTH $50 MILLION pic.twitter.com/otRazWfL1W
— That Martini Guy âż (@MartiniGuyYT) June 9, 2025
Exchange data shows 997 Bitcoin flowed out of Kraken in a series of large transactions into unidentified wallets. These movements indicate high-conviction positioning from entities with substantial capital.
The Korea Premium Index remains low, suggesting muted retail activity from Asian traders. This balance between institutional buying and subdued retail activity characterizes the current market environment.
Technical Indicators Show Mixed Signals
The MVRV ratio, comparing Bitcoin’s market value to its realized value, has risen gradually without sharp jumps. This suggests the market has not entered an extreme greed phase.
Bitcoin’s RSI stands at 61.13, indicating bullish momentum without reaching overbought territory. Price action shows strong recovery above $108,000, though recent slight pullbacks suggest short-term exhaustion.
The On-Balance Volume at 1.74 million supports continued accumulation patterns. However, a flattening slope indicates that buying pressure may be cooling.
Retail sentiment has entered the “greed zone” according to Santiment data. This represents the second-highest spike in FOMO sentiment over two weeks.
𼳠Monday has kicked off with a bang for crypto traders, as Bitcoin has quickly returned to $108K. After threatening to fall below $100K just 4 days ago, retail traders panic sold. Now, they are showing signs of flooding back in with the 2nd largest spike in FOMO in the past 2⌠pic.twitter.com/ZlPvHy8CGg
— Santiment (@santimentfeed) June 9, 2025
The sentiment shift follows panic selling when Bitcoin dropped below $100,000 last week. Traders are now turning bullish as prices climb again.
Historical patterns suggest such sentiment spikes often precede market reversals. The divergence between crowd psychology and technical fundamentals presents a contrarian signal.
Current technical analysis shows Bitcoin maintaining bullish momentum. Sustaining levels above $110,000 with volume confirmation will be crucial for continued upward movement.
