Bitcoin whales drove the rally to $48,000 and buying aggressively

The price of Bitcoin (BTC) rallied to above $48,000 on Feb. 9 and has been consolidating since. Analysts from Material Indicators found that whales were the primary driver of the rally.

This is largely considered a bullish sign. The probability of a Bitcoin top would increase when retail investors enter into the market en masse, as both the spot and derivatives markets get overheated.

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