Recently, Bitcoin's price saw a significant drop, but on Friday, it rebounded strongly, reversing the downtrend. Initially falling below $60,000 on May 1st, the leading cryptocurrency managed to go back above the $60,000 level on May 3rd. Currently, the price has exceeded $64,000. The big question now is whether this recent resurgence can turn into a lasting rally for Bitcoin.

A recent analysis by Santiment examined the recent price fluctuations of Bitcoin, highlighting that the movement above $62,000 indicates a shift in sentiment among investors. Traders on the Binance platform have transitioned from short-term to long-term positions after the recent price surge.

This change in sentiment suggests a renewed optimism in Bitcoin, but Santiment cautioned those observing the price and contemplating market entry. According to their Blockchain analysis, sustaining the rally would require witnessing FOMO at higher levels than the current ones. FOMO, the fear of missing out, occurs when investors rush to buy assets due to the fear of missing potential profits. While this can drive prices up briefly, excessive FOMO often results in unsustainable increases followed by declines. Furthermore, crypto prices frequently move in the opposite direction of community expectations, so if most traders anticipate an upward price movement, a price drop may be imminent.

As of now, Bitcoin's price has reached over $64,400, with a crucial threshold at $65,000. This indicates a 7% surge in the past 24 hours. Although the exact cause of the recent rally is unclear, on-chain data suggests that recent whale activities may have kicked off the upward momentum.

CryptoQuant CEO Ki Young Ju revealed that Bitcoin whales acquired 47,000 BTC in a single day, with the possibility of these investors including addresses linked to ETFs, though the spike in "whale addresses" is not connected to ETFs.