The price of bitcoin (BTC) is experiencing a growing bullish interest, reflected in an increase in the number of wallets holding at least 1,000 BTC over the past five days. At the same time, BTC supply on Coinbase has fallen to its lowest level since 2018, indicating a significant outflow of bitcoin from the exchange.

This tight supply on the exchange, combined with technical indicators including the crossing of short- and long-term exponential moving average (EMA) lines, is setting the stage for a possible bullish rally. The number of “whales” – addresses with large volumes of BTC – is also increasing, indicating increased investor interest in bitcoin.

This active process of BTC accumulation by large players may signal an upcoming bullish move in the market. Such aggressive acquisitions are usually taken as a positive sign by the market and can boost the confidence of retail and small traders. Watching whale activity can provide information about possible significant changes in the market, as their actions can be indicators of upcoming price spikes in the bitcoin world.

At the same time, the supply of BTC on the largest US exchange Coinbase is declining, reaching its lowest level since 2018. This could be a harbinger of rising prices, as reduced supply usually leads to higher prices due to increased demand.

The current ATH is $73,797.35, and with bitcoin’s new halving getting closer by the day, a new ATH for BTC shouldn’t seem crazy. Should buying pressure and market uncertainty subside, a pullback in BTC price to support levels such as the $60,000 mark is possible.