While big players tend to make larger trades in Bitcoin, many analysts and traders believe the cryptocurrency won't see a major price increase until retail investor interest increases.
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Mingkyu Wu of CryptoCount explained that the real rise in prices usually starts with massive buying by retail investors. In his opinion, an increase in the number of such investors usually improves market sentiment.
“We haven’t seen this kind of volume from retail investors yet,” he added.
However, in April, VanEck CEO Jan van Eck told Cointelegraph that the majority of inflows into spot bitcoin exchange-traded funds (ETFs) in the US were likely coming from retail investors.
On April 11, van Eck told Cointelegraph: “I was surprised, but I don’t think these are traditional investors yet. I still think 90% of the flows come from retail.”
On July 17, inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States fell 87% from the previous day, according to Farside. A total of $53.3 million was recorded across the 11 products tracked.
At this time, Bitcoin is trying to hold on to a critical support level that traders believe must be reached before the cryptocurrency can move into the next price range.
On July 17, Bitcoin completed a 27-day trading period below $65,000, reaching $65,686 before falling back to $63,521. Since then it has not risen above this level.
At the time of publication of this information, Bitcoin is trading at $63,875, according to tradingview.
Bitcoin's next leg of growth could reach $110,000, even as the highs and lows decline.
Meanwhile, interest in the query “bitcoin” in search engines has fallen by 44% over the past three months. This is due to the fact that the cost of Bitcoin has dropped by half - to 43 points. Since peaking at $73,679 on March 13, the figure is down nearly 57%, according to Google.
This indicator often rises sharply during major Bitcoin events and reflects the general interest of retail investors.
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