Analysts Split as Bitcoin Rally Lacks Buyer Engagement

Bitcoin's recent climb from $60,000 to $66,000 has drawn skepticism from analysts, who see little evidence of a sustainable uptrend.

Swissblock data shows extremely low buyer engagement: the price impulse remains at -1, while on-balance volume (OBV) has slumped to a multi-year low of -1.7 million. Wintermute researchers labeled the move a "bear market rally," arguing that structural liquidity improvements are needed for a move toward $100,000, with no signs of fresh capital inflows.

In contrast, Bitwise chief investment officer Matt Hougan urged long-term holders to look past the near-term bottoming process and focus on the next bull cycle. He cited rising US national debt and persistent inflation as fundamental supports for Bitcoin's value.