The bitcoin price manifested a magnificent move after squashing the shorts. The price soared high to mark the intraday highs at $30,800 but failed to test the yearly highs at $31,000. However, the tokens continue to sustain above $30,000 despite a minor bearish action, which indicates the possibility of forming a new ATH any time from now. Furthermore, the monthly or quarterly trade, and more specifically, the H1 2023 trade, is above its end, which could be very bullish for the BTC price rally.
Amid the growing market sentiment, the whales that had been accumulating since the beginning of the year had slowed down since the beginning of the month. Interestingly, these whales have again accumulated millions of dollars worth of Bitcoin. As per the data from Santiment, the whales began to accumulate immediately after the BTC price soared above $30,000.
The sudden rise in whale transactions could point towards the start of a fresh bull run in the coming days. Hence, the investors who closely follow whale activity may be extremely bullish on Bitcoin and contribute to accumulating buying pressure. This could keep up the bullish momentum and eventually trigger a significant uptrend.
Apart from institutional involvement, the launch of the EDX markets, a crypto exchange, has also pushed positive market sentiments. As the exchange has backing from industry giants like Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., investors are now extremely optimistic about the upcoming trend.
