Bitcoin Surges 123% to $108,952 Amid Retail Optimism

Bitcoin's price has surged to nearly $110,000, driven by a wave of retail enthusiasm and renewed bullish sentiment. The cryptocurrency rebounded to $108,000 this week following a brief dip below $100,000. Despite this price increase, on-chain activity has dropped to an 18-month low, with the Network Activity Index falling to 3.47k, the lowest level in over 1.5 years. This decline suggests reduced on-chain transactions and user participation, with analysts describing the network as a “ghost town.”

However, the low engagement does not indicate panic selling. Long-term holders (LTHs) continue to accumulate Bitcoin, pointing to a holding pattern rather than a sell-off. The spot market remains inactive, but futures activity tells a different story. There has been a sharp rise in futures trading frequency, especially among retail participants, reflecting speculative positioning. This trend indicates rising speculative risk, even as the spot market stays quiet.

The recent price rebound has sparked an intense wave of retail optimism. After panic selling during the dip, traders have returned with one of the most significant spikes in FOMO over the past two weeks. Sentiment data shows an increase in positive mentions across social media platforms, surpassing negative commentary. The market has entered the “Greed Zone,” historically aligning with market tops and signaling a potential reversal. The Fear and Greed Index currently reads 64, placing sentiment firmly in the “Greed” category. The index recently approached “Extreme Greed,” further raising caution among analysts.

Experts warn that sentiment-driven markets often act contrary to crowd behavior. Historically, surges in retail optimism precede price pullbacks. As Bitcoin approaches its previous all-time high of $112,000, traders are advised to monitor sentiment closely rather than follow it blindly. As of June 10, 2025, Bitcoin is trading at $108,952, down 1.23% for the day. The price briefly touched $110,352 before facing rejection, suggesting strong resistance near the $110K level. Analysts identify this zone as a potential ceiling unless broader momentum returns.

The Relative Strength Index (RSI) stands at 59.58, just below the overbought threshold of 70. It recently crossed above its moving average of 53.99, showing short-term bullish momentum. However, the RSI trend is diverging from price, indicating weakening strength. Volume data shows 608 BTC traded during the day, suggesting moderate market interest. While price has continued to form higher lows since March, the inability to breach the $110K—$112K resistance may lead to short-term consolidation.