BTC has experienced a massive price appreciation in the last two weeks. It was trading at $38.5k on 22nd January and rose to a local high of $52.8k on 15th February, representing a 33% gain in 24 days.
A large part of this bullish sentiment can be aligned with the approval of most anticipated BTC ETFs by the US SEC on Jan 10, last month. But now, the whales have also been witnessed accumulating as the markets and experts anticipate a cut in the interest rates by the US Fed in March or May 2024.
The whales continued to ply their trade and accumulate BTC, confident that over the larger time horizon, their action would be proved correct. However, In the short term, some volatility could arise since Bitcoin is trading at a key higher timeframe resistance zone at around $51.5k - $52.3k.
As of now, at the time of writing this article, BTC is trading at around $51,800 with a market capitalization of $1.06T and the price has grown by over 8% in the past seven days.