- Eerily quiet rally
- Bitcoin is still down against gold
Bitcoin, the flagship coin, reached yet another record high of $125,899 earlier this Monday.
This comes after the top coin topped the $125,000 level for the first time on Saturday.
The cryptocurrency currently has more than a 60% chance of hitting the $130,000 level as early as this month, according to Polymarket bettors. The users of the leading betting website also believe that the odds of BTC hitting $135,000 currently stand at 37%.
Eerily quiet rally
Some have noted that sentiment appears to be rather subdued despite Bitcoin reaching new record peaks.
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So far, retail interest remains persistently low based on the recent Google Trends data. This is viewed as a positive sign by some analysts since a euphoria-driven market peak does not appear to be in sight.
Notably, the “Fear and Greed Index,” which has long been a popular gauge of market sentiment, shows 59 points, meaning that traders remain neutral. This is rather unusual for a full-blown bull market with multiple record highs. Last week, the market was in a state of fear, with 39 points.
Recent data also shows that hardly anyone is actually moving BTC on-chain, with blocks remaining “completely empty.” This once again shows a lack of retail interest.
Bitcoin is still down against gold
So far, Bitcoin is up by 34% on a year-to-date basis. While this performance might seem impressive, the leading cryptocurrency is still down by a whopping 10% against gold despite the fact that the latter has a much higher market cap.
It remains to be seen whether Bitcoin will manage to outperform gold in the fourth quarter of the year as the yellow metal continues its relentless rally.
