On Sunday, Bitcoin 
$94,184 traded at $68,865, reflecting a modest increase of 0.8% in low volatility conditions. The neutral candlestick formation indicates that buyers are regaining the upward momentum that diminished following last week’s high-powered rally. As crypto whales strengthen their control, the BTC price has decisively exited a seven-month consolidation trend.
Increasing Influence of Whales
According to Santiment data, the recent Bitcoin price recovery is supported by heightened whale activity. Following Bitcoin’s correction to around $60,000 on October 10, the number of wallets holding between 100 and 1,000 BTC has increased by 268. This surge in large-holder count is typically interpreted as a bullish sign, reviving a sense of “Uptober” in the crypto market.
The number of Bitcoin whales significantly rose when the value was around $59,000 on October 10. The net increase in wallets holding 100-1K BTC between October 10-13 has contributed to this upward trend. — Santiment
SEC Approves Bitcoin ETF
Another critical factor in the Bitcoin 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.
While Bitcoin trades just 7.5% below its all-time high, this approval could catalyze BTC prices to surpass previous peaks.
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. If this breakout continues, buyers could trigger a rally of 22%, reaching a peak of $82,000.
Conversely, if the Bitcoin price returns to the flag range, sellers may strengthen their control over the asset, triggering a new corrective trend.
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.
