Bitcoin price hits new high, but market enthusiasm declines

On November 21, the Bitcoin price briefly broke through the historical high of $97,899, just one step away from the $100K mark. Although this milestone is of great significance, the market reaction was surprisingly calm, which makes analysts optimistically believe that this low-key sentiment may drive the further growth of Bitcoin prices, as the lack of retail enthusiasm is an important foundation for the continuous rise of Bitcoin. The continuous rise of Bitcoin in recent days has not aroused FOMO sentiment on social media. Market intelligence company Santiment described this reaction as "at most a cold sentiment", and pointed out that although the Bitcoin price is approaching six figures, the broader cryptocurrency community has shown a "surprisingly uninterested and skeptical" attitude. Santiment emphasized that the lack of optimistic sentiment in the market may actually be a good sign for Bitcoin's price. From historical data, retail traders often generate significant FOMO sentiment before major adjustments, and the current market environment indicates that larger investors or whales are continuously accumulating Bitcoin with minimal resistance. Therefore, although the Google search heat of Bitcoin and the retail buying sentiment have declined, it is actually beneficial to the Bitcoin price. CryptoQuant analyst IT Tech also agrees with this view, stating that "the lack of frenetic sentiment in the market may indicate that the price will continue to grow without a major correction", which is a positive signal for long-term investors. Trading company QCP Capital also maintains a bullish attitude, pointing out that the Bitcoin price has continued to stay above $90,000, providing a solid foundation for further upward movement, and the highest concentration of Bitcoin's open interest contracts gives it tremendous potential to break through $100K. In addition, the strong debut of BlackRock's Bitcoin spot ETF has boosted institutional confidence, and the continuous rise in options trading activity reflects that the market has gradually accepted Bitcoin as a mainstream asset class. Meanwhile, Bitcoin analyst Bitcoin Munger pointed out that Glassnode data shows that the investor group is generally in the accumulation stage, and he is full of confidence in Bitcoin breaking through $10,000, due to the strong and sustained accumulation trend of institutional demand. Analysts unanimously believe that the combination of these factors may drive Bitcoin into uncharted price territory.