Amid rising whale activity and the approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC), Bitcoin's price is showing steady growth. Let's look at the key factors behind this trend.

Increasing Influence of Whales

According to Santiment data, recent Bitcoin price movements are accompanied by increased whale activity. After Bitcoin's correction to around $60,000 on October 10, the number of wallets holding between 100 and 1,000 BTC increased by 268. This increase in large-holder count is typically interpreted as a bullish sign on the market.

SEC Approves Bitcoin ETF

Another critical factor in Bitcoin's price recovery is the SEC's approval of Bitcoin ETF options for listing on the New York Stock Exchange. This new crypto-based product is expected to provide the necessary liquidity to attract sustainable initiatives to the Bitcoin ETF.

Market Trend Analysis

Over the past seven months, Bitcoin's price has remained stagnant, fluctuating within two downward trend lines of a bullish flag formation. The theoretical chart structure was established following a discretionary rally, allowing buyers to regain upward momentum during a temporary counter-trend movement. In October, Bitcoin price forecasts showed a sharp reversal from $60,000 to $68,823, indicating an increase of over 14%. This rise highlights the sustainability of prices above key exponential moving averages (20, 50, 100, and 200), creating a favorable bullish atmosphere for recovery. The recent price increase on Friday signaled a decisive breakout from the upper trend line, suggesting an end to the seven-month consolidation period.

The volatility in Bitcoin’s price illustrates the market dynamics and the influence of large investors. The rising role of whales and the SEC’s ETF approval support BTC’s potential upward trajectory while increasing the market’s sensitivity to fluctuations.