New Bitcoin buyers have driven BTC prices beyond $100K, supported by a Relative Strength Index (RSI) indicating strong demand at 100. Over the past week, Bitcoin rapidly increased from $93K to $105K, reflecting growing interest.
Over $6 billion in cash has been injected into the Bitcoin market through newly issued USDT, showcasing heightened participation from first-time buyers. The capital rotation position has soared from $6 billion to $26 billion in one month, indicating strong demand from various investors.
Despite the strong influx of new buyers, momentum buyers show weak conviction with an RSI at 11. This lack of participation from short-term speculators could hinder sustained Bitcoin price growth, potentially causing BTC to oscillate between $100K and $105K.
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