Bitcoin [BTC] continues its bullish trend, with a 9% price increase over the past week. Whale activity plays a significant role in this growth.

Bitcoin Growth and Whale Activity

Over the past week, Bitcoin has maintained its bullish trend, reaching a price of $68.3k. This represents a 10% monthly increase and a 9% weekly rise. Despite these gains, it's noteworthy that the price remains 7.27% below its all-time high. Data from Santiment shows a substantial increase in Bitcoin whales between October 10 and 13, with 268 new wallets holding between 100-1k BTC, indicating that large investors significantly influence the current price rally.

Impact of Whales on the Market

When the price dipped to $59k, whales increased their holdings, demonstrating confidence in Bitcoin's future value. Typically, whale accumulation signals a bullish trend, meaning the current price movement is partly driven by increased whale activity.

Market Sentiment and Prospects

Whales play a crucial role in price movements of any cryptocurrency. An increase in whale accumulation is generally seen as a positive market signal, as current data confirms. Within the last 24 hours, Bitcoin's Long/Short Ratio has remained above 1, suggesting a dominance of long positions. The MVRV Long/Short difference has also surged over the past week, indicating long-term investors are in profit. The high MVRV for long-term holders compared to short-term holders underscores the market's confidence in Bitcoin's long-term prospects.

Considering the positive market sentiment and investor confidence, Bitcoin appears to be in a strong position. If this trend continues, the cryptocurrency may soon reclaim the $70k mark.