Bitcoin is currently trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This engaging rally has sent Bitcoin up nearly 23% from its September low of $53,400 on September 6, pushing many holders into profitability.

According to Santiment, this price action was mainly driven by increased whale and shark activity, with the on-chain analytics platform noting a huge accumulation trend among them.

Sharks and whales continue to accumulate BTC

Recent changes in market dynamics around the world have brought Bitcoin back to the forefront of investors’ portfolios since mid-September. According to data from Santiment, Bitcoin’s upward price movement was largely supported by increased accumulation by investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior played a key role in stabilizing and supporting the price, especially during market corrections when Bitcoin faced downward pressure.

It is worth noting that over the last six months, BTC worth $4.08 billion has been accumulated at these addresses, and their collective resources currently amount to 16.19 million. Santiment data also shows that the accumulation trend gained significant momentum starting in mid-September, just after the Fed cut its policy rate, indicating a renewed wave of confidence among Bitcoin investors.

The current state of Bitcoin

As NewsBTC noted, September did has always been a key month for the behavior of Bitcoin prices in the last quarter of the year. Interestingly, what It was shaping up to be a bearish month for Bitcoin in the first two weeks now it has played out announcement of potential growth in the last quarter of 2024

At the time of writing, Bitcoin is trading at $65,470 and is up 2.6% in the last 24 hours. Since the beginning of the week, institutional investors have resumed their investments in Bitcoin. This was witnessed by Bitcoin spot funds next days of inflows since the beginning of the week. Notably, they received net inflows of $365.7 million in the last 24 hours.

Bitcoin has also seen a significant boost in open trades as investors flock to it. According to Coinglass, Bitcoin’s open interest currently stands at $35.90 billion across multiple exchanges, reflecting an boost of 3.53% in the last 24 hours. As Bitcoin’s price continues to attract the attention of traders around the world, an boost in the number of open trades could act as a catalyst for further price increases.

The next step for Bitcoin price will be a bullish break above the July high of $70,162. Breaking above this level and maintaining momentum could open the stage for Bitcoin it’s effortless to break fresh all-time records in October.

Featured image created with Dall.E, chart from Tradingview.com