• Whales have been steadily accumulating BTC, a factor that has contributed to the recent price surge.
• Also, there was little liquidity below Bitcoin’s price, with major resistance levels above, especially at a new price target.

In the past 24 hours, Bitcoin’s [BTC]  has gained 2.73%, recovering from a dip that saw the price drop to $94,150.05 after hitting a high of $104,000 earlier this month.

The recent rally in BTC’s price is largely driven by growing investor demand, as large-scale acquisitions continue to push prices upward.

Whales lead the charge

Interest in Bitcoin has surged again, with whales playing a key role in the recent price increase, according to cryptocurrency analyst Ali Chart using data from Glassnode.

The chart highlighted that large investors, or whales, have been acquiring BTC in significant quantities. He pointed to a chart showing 342 wallets, each holding over 100 BTC (valued at approximately $10 million based on CoinMarketCap), taking advantage of BTC’s sharp drop to $90,000.

Notably, such moves typically indicate that whales view the dip as an opportunity to acquire BTC at a discounted price in anticipation of another market rally, which has already materialized as BTC now trades above $100,000.

BTC could be aiming for a new high

Liquidity data from Coinglass, shared by analyst Mister Crypto, suggests that the coin is poised to target a new high, potentially sustaining its price above the $100,000 threshold.

Liquidity levels indicate key price points where assets tend to gravitate, acting as magnets that attract price movement.