Whales buy back Bitcoin: Could this be a trap for other investors?

The number of bullish derivative accounts on BTC in the last 24 hours saw a notable spike as sentiment shifted.
Spot traders’ sentiment dominated by whales is turning bullish and could impact a price surge.

After establishing a previous day’s low of $97,777.77, Bitcoin [BTC] gained momentum, rising by 4.73% and settling in to its press time price of $102,985.

This surge in momentum could be attributed to retail investors who saw the recent dip as a buying opportunity and took advantage.

AMBCrypto analyzed these retail activities on the derivative and spot markets to determine how they could further impact a BTC run.

Derivatives accounts turn bullish

In the past 24 hours, there’s been a notable spike in interest among retail investors in the derivatives market as bullish account positions grew.

According to Hyblock’s True Retail Longs Account, long positions on BTC jumped from 49.88% to 62.08% within this timeframe.

Source: Hyblock Capital

When there’s a surge in long positions following a price correction or decline, traders often consider the current price a discount, expecting the asset to rally.

BTC followed this path, quickly bouncing back and leading to its recent gains.

AMBCrypto found that while derivative traders were buying, spot traders did the same, as bullish activities increased.