BTC Price Surged 10% Over 48 Hours Despite No Retail Investors’ Support

BTC price surges 10% over the past 48 hours against the U.S. dollar reaching $12,545 on regulated exchanges. As noted previously in the altcoin news, the bitcoin price dropped as low as $9,700 during the major pullback that was anticipated by the traders.

Before the 30 percent pullback, the BTC price surged by more than 250 percent year-to-date which led the investors to become more cautious on the near term trend of the major cryptocurrency. Despite the fast recovery, the retail investors show low interest in bitcoin. Some analysts expressed optimism due to the pace of the recovery in the past weeks which was mainly affected by the opening of the CME bitcoin futures market.

Despite the massive recovery of bitcoin from the occasional pullbacks, global analyst Peter Tchir says that Google Trends shows that interest for bitcoin remains low which is nowhere near the 2017 levels unlike the asset’s price. Tchir stated that it still remains unclear of the factors behind the lack of growth in retail interest for bitcoin. He also noted that if the price of the dominant asset sustains at the current level, investors are likely to begin ‘’dabbling’’ with the market again.

Nodesource chairman Joe McCann said that the trend of Bitcoin continuing to improve above the psychological $10,000 level without the major interest from individual investors is ‘’so bullish.’’ The recent rally of bitcoin and the rest of the crypto market was mainly triggered by the inflow of institutional capital via regulated channels, at least that is the narrative. The institutions tend to invest in emerging markets with a long-term strategy so they are less likely to liquidate their holdings with the short-term outlook on the market. The dominance of bitcoin has grown over 64 percent due to the increased institutional interest. The tech analyst Josh Rager explained:

 “Bitcoin Dominance on its way above 66%. This is why you always keep a healthy percentage of your portfolio in Bitcoin especially in a bull market.’’

As explained in the latest cryptocurrency news, Max Keiser says that the $28,000 price range for bitcoin is ‘’still in play.’’ Bakkt is also set to run the testing phase of its futures product so the increase in the number of custody solutions will likely improve the infrastructure surrounding the market.