Data from CoinMarketCap shows that Bitcoin (BTC) has soared above the $44,000 mark, setting new yearly highs and 19-month milestones.

This exceeded the 19-month high set earlier, and retracements were brief in the midst of a generally upbeat mood in the cryptocurrency space.

But as Bitcoin kept gaining ground that it had lost in the middle of 2022, concerns about the sustainability of the rally persisted. These focused on the actions of whales, or high-volume traders.

Trading resource Material Indicators discussed the phenomenon in a dedicated thread on X (previously Twitter), stating that order book liquidity cues suggested these traders might be purposefully coordinating higher prices to sell into an uptrend with as little slippage as possible.

The better value a large sell-off would bring, the more liquidity that would be available close to the planned selling point.

“Optimism around the Dec FED rate decision and Jan ETF decision can push things higher and fuel euphoria, so be prepared for what comes after that.”

Sources:

https://cointelegraph.com/news/btc-price-new-19-month-high-choreographed-bitcoin-whale-move

https://twitter.com/MI_Algos/status/1732045971067179133

https://coinmarketcap.com/currencies/bitcoin/