Bitcoin (BTC), the world’s largest cryptocurrency, is making headlines with a sharp price rebound in recent days. The primary driver behind this surge is aggressive accumulation by “whales” — large-scale investors — across both spot and derivatives markets.
According to recently shared data, over 110,000 BTC have been withdrawn from exchanges in the past 30 days. This is a clear sign that major players are accumulating Bitcoin, anticipating a potential bullish cycle. Notably, in just the past 48 hours, whales moved another 20,000 BTC into private wallets, showing strong long-term confidence in the asset.
Meanwhile, retail investors are largely absent. Some are even panic-selling, particularly in the stock market. On-chain analysts note that retail participants usually return when prices near all-time highs, not during accumulation or correction phases. Their current absence may be helping the market avoid excessive speculation.
Beyond the whales, traders are also expressing bullish sentiment. Data from on-chain analytics platform Coinglass shows long positions dominating the market, totaling nearly $500 million — significantly more than the $319 million in short positions. Support appears to be forming around $102,819, with resistance near $104,871, suggesting confidence that BTC will hold or break above this range.
At the time of writing, Bitcoin is trading around $104,300, up 0.75% over the past 24 hours. However, trading volume has dropped 7%, reflecting cautious investor engagement.
From a technical perspective, Bitcoin is approaching a key resistance level at $106,800. A breakout above this point could lead to a new bullish phase, possibly even setting a new all-time high. However, the Relative Strength Index (RSI) has reached 74 — indicating overbought conditions — which means a short-term pullback could occur before the uptrend continues.
