• Whale activity surged as Bitcoin formed a double-bottom pattern, testing key resistance levels
• Market sentiment strengthened on the back of rising active addresses, declining exchange reserves, and the bullish buy/sell ratio

Whale activity on Binance has spiked significantly lately, with the whale ratio climbing by over 1.02%. This metric, which tracks the top inflows compared to total inflows, is used to assess large movements by major Bitcoin holders. 

Historically, such elevated whale activity is often seen as a precursor to large-scale buying or selling. In fact, this often precedes major price movements on the charts too. 

Needless to say, its latest surge has raised questions about whether Bitcoin [BTC] is on the verge of a significant market shift or just a temporary rally.

Is Bitcoin ready to test new highs?

Bitcoin, at the time of writing, was trading at $104,473.77, following a 1.39% hike in the last 24 hours. Its price action on the charts revealed a double-bottom pattern forming strong support near $92,000, while the resistance at $106,200 remained a key hurdle. 

If BTC can breach this resistance, it may pave the way for a major breakout. However, failure to maintain upward momentum could trigger a retest of lower levels, presenting a critical juncture for traders to monitor closely.