Bitcoin’s [BTC] whales have returned to accumulating the cryptocurrency, fueling speculation about potential bullish momentum in the market. For the past several weeks, large holders, primarily on Binance, have been contributing to significant selling pressure, moving Bitcoin onto exchanges for possible distribution. However, recent on-chain data suggests a shift in this trend, as whales begin to increase their holdings once again.

The recent change in the monthly percentage of whale holdings from negative to positive indicates a possible turning point in market sentiment. If this accumulation trend continues, it could pave the way for a renewed rally. Historically, large holders’ movements have been key indicators of future price action, and their recent actions suggest they may be positioning themselves for a new market cycle.

Data from Binance reveals that Bitcoin inflows, which previously signaled distribution, are now showing signs of fresh accumulation. This shift is supported by an increase in deposits from younger coins, suggesting renewed confidence among whales. Additionally, the volume of whale deposits indicates a transition from distribution to accumulation, which could be a positive sign for future price action.

After the longest phase of whale net reduction in over a year, the return of accumulation could signal that large holders are preparing for the next phase of the market cycle. Continued buying pressure from whales might trigger bullish sentiment across the broader market, although it remains uncertain if this shift will be short-lived or the beginning of a larger trend.

At the time of writing, Bitcoin is trading at $88,227, reflecting a 1.92% decrease. Despite the return of whale accumulation, price action remains uncertain. The Relative Strength Index (RSI) sits at 43.43, indicating weak momentum with no clear signs of being oversold. On-Balance Volume (OBV) remains negative, suggesting low demand. However, the easing of selling pressure coupled with increasing whale accumulation could help alleviate liquidity constraints and support a price recovery.

For a more sustained rally, Bitcoin’s price would need to break above the $90,000 level, signaling a bullish reversal. If the market fails to hold current levels, further declines may follow. Ultimately, the trajectory of Bitcoin’s price will depend on whether whales continue accumulating or shift back to profit-taking.

Currently, the market shows a clear divergence: while whales and institutional players are actively accumulating, retail investors remain cautious and have not significantly increased their positions. This dynamic is shifting market momentum in favor of larger players. If institutional buying continues, it could establish stronger support for Bitcoin, potentially fueling a sustained rally. However, if whales begin to offload again, another round of selling could hamper the recovery.

Beyond whale activity, broader factors such as macroeconomic conditions, regulatory developments, and overall market sentiment will play a pivotal role in determining Bitcoin’s price direction. Should retail demand pick up alongside institutional interest, Bitcoin could regain upward momentum. Conversely, renewed whale offloading could delay the recovery or push prices lower. The coming weeks will be critical in determining whether the current trend toward accumulation will lead to a substantial rally or a more cautious market phase.