- Bitcoin Nears $93.5K as Retail Pullback Continues
- AI Bots Boost BTC Holdings by 5% in One Month
- Coinbase Premium Rises, Signaling Insto Demand
Bitcoin surged past multiple resistance levels in recent days, with price action now approaching a critical level that may determine short-term direction. This move comes amid a complex mix of falling retail interest, institutional accumulation, and macroeconomic uncertainty.
Price Rally Approaches Yearly Open as Retail Interest Declines
On April 23rd, Bitcoin reached $93,513 before drawing near to its initial yearly value of $93,548. The price increased 2.3% from the previous day, continuing a multi-day rally. According to Crypto Rover, Bitcoin’s price growth is diverging from retail interest, with Google Trends showing a 15% weekly decline in Bitcoin-related searches.
While retail participation appears to be slowing, institutional involvement is rising. The Coinbase Premium Index, which tracks the price difference between Coinbase and Binance, rose to 0.16%, suggesting more buying from U.S.-based institutional accounts. Simultaneously, Coinbase and Binance both reported a weekly decline in BTC spot trading volumes, further indicating reduced retail activity.
Volume data shows 23,450 BTC traded in the BTC/USDT pair on Binance, down from 25,980 the previous week. Coinbase recorded 18,760 BTC traded in the BTC/USD pair, lower than the prior week’s 20,500. Analysts are watching to see whether the yearly open level will act as resistance or flip into support.
Indicators Show Mixed Signals as AI Activity Rises
The Relative Strength Index stood at 72 on April 23, suggesting Bitcoin may be entering overbought territory. At the same time, the MACD recorded a bearish crossover at 9:45 AM UTC, pointing to possible slowing momentum.
On-chain activity is also declining. Glassnode reported an 8% drop in active Bitcoin addresses over the last seven days, falling from 950,000 to 874,000. However, AIQuant Research reported a 5% increase in Bitcoin holdings by AI trading bots over the past month.
This may be contributing to upward pressure as AI-driven strategies become more influential. Traders are watching this behavior closely, especially as AI-related tokens such as AGIX and FET gain traction alongside Bitcoin.
