Bitcoin (BTC) price rises above $94,000, triggering a fresh wave of excitement among retail traders

A fresh wave of excitement among retail traders has been triggered by Bitcoin's rise above $94,000, but there are fears of a possible retracement.

Bitcoin’s price rally above $94,000 has triggered a fresh wave of excitement among retail traders, but analysts at Santiment fear that this enthusiasm could indicate a possible retracement.

According to on-chain analytics firm Santiment, fear of missing out among smaller traders spiked soon after the Bitcoin’s (BTC) recent price jump. This type of crowd behavior often appears near local market tops, the team noted in a post on April 25 via X.

“$100K could very likely arrive in the near future, but it typically won’t happen till the rocket emojis calm,” the team added.

📊 Following Bitcoin's surge above $94.2K Wednesday, @santimentfeed data showed that FOMO began pouring in from retail traders. This crowd reaction typically leads to tops. $100K could very likely arrive in the near future, but it typically won't happen till the 🚀 emojis calm. https://t.co/KPiUTkyWw

Meanwhile, large holders continue to buy. In another update on the same day, Santiment reported that wallets holding between 10 and 10,000 Bitcoin have added over 19,255 BTC in the short stretch. Since March 22, these key players have accumulated more than 50,000 BTC, now holding over 67% of the total supply.

According to CryptoQuant’s latest analysis, on-chain trends remain positive. The 100-day moving average of Bitcoin netflows to exchanges has fallen to its lowest level since February 2023, indicating a massive amount of Bitcoin outflows.

The highest Bitcoin outflow from exchanges since February 2023"A review of historical patterns suggests that this could imply re-accumulation of assets by investors." – By @CryptoOnchain Read more ⤵️https://t.co/YP85SFVlVJ pic.twitter.com/uEOT0czYZH

CryptoQuant notes that this is the biggest Bitcoin outflow in more than two years, which suggests that investors might be putting their money in self-custody or cold storage for the long run.

Institutional interest is also on the rise. U.S. Bitcoin exchange traded funds recorded $2.68 billion in net inflows over the past week, as per SoSoValue data. Analysts expect these developments to work in favor of Bitcoin’s price in the coming months.

In one of the most bullish BTC price forecasts, ARK Invest’s April 24 report has projected that Bitcoin could reach between $300K and $2.4M by 2030, depending on adoption scenarios.

On the technical side, Bitcoin recently overcame resistance at $87,724 with strong volume support. The cryptocurrency is currently trading at around $93,289. At 66.10, the relative strength index is approaching overbought territory but remains within range for further upward movement.

The widening Bollinger Bands indicate increased volatility, which may lead to larger price swings. Key resistance is at $95,091.87, while key support is at $87,724. Overall, the current setup shows bullish momentum, but there may be some consolidation before another leg up.