Bitcoin, the leading cryptocurrency by market capitalization, approached the $105,000 level earlier this Sunday, reaching an intraday high of $104,958 on the Bitstamp exchange.

n (BTC) Price Approaches $105,000, Reaching an Intraday High of $104,958 on Bitstamp

Bitcoin, the leading cryptocurrency by market capitalization, approached the $105,000 level earlier this Sunday, reaching an intraday high of $104,958 on the Bitstamp exchange.

There have now been a total of 12 days where the price of the leading cryptocurrency has closed above the highly important $100,000 mark.

It's very quiet

Despite the fact that Bitcoin is just inches away from reclaiming the $100,000 level, retail investors seemingly remain on the sidelines for now.

Fundstrat's Tom Lee has described this kind of silence as "strange," given that Bitcoin has made significant moves over the past few days.

"Funding rates are also low relative to prior price peaks. When they come, they are going to come very heavily," he said.

It is not clear whether Bitcoin will be able to sustain the current momentum and eventually reach a new record high.

In the meantime, chartist Todd Butterfield believes that Bitcoin is lightly overbought following the recent surge, meaning that the cryptocurrency might experience a slight pullback.

Our Technometer is finally overbought for #Bitcoin 🟡 We look for a pullback here…. #Wyckoff pic.twitter.class" role="link" tabindex="0" rel="noopener noreferrer" target="_blank" data-risky="link" href="https://t.co/813E60W11s" data-href="https://t.co/813E60W11s" data-linkid="1288647475646388064" data-shorturl="https://t.co/813E60W11s" data-mono="false" data-embedurl="https://twitter.com/ButterChart/status/1746334473545379072" data-screenshoturl="https://imageio.forbes.com/content/uploads/2023/10/21/1288647475646388064.jpeg" data-originalurl="https://twitter.com/ButterChart/status/1746334473545379072" rel="nofollow" hreflang="en" referrerpolicy="no-referrer" />