Bitcoin is surging above $70,000 as of the time of writing. Traditionally, the trading community and crypto enthusiasts have been the primary drivers behind Bitcoin's rise, independent of equities or other sectors. However, there's been a slight shift in this trend, evident from the bullish divergence analysts observe, which is influenced by movements in the SP500 and Gold markets.

This upward momentum is further fueled by whale accumulation, a recent phenomenon, coupled with the impending Bitcoin halving event. The upcoming halving event, a topic of considerable discussion, is just around the corner. Historically, halving events have propelled Bitcoin's price to new all-time highs.

This marks the fourth occurrence of Bitcoin Halving, with the previous one taking place in 2020. As a cyclical event happening once every four years, its purpose is to reduce the supply and decrease Bitcoin mining rewards, thereby increasing the scarcity of the token and potentially pushing its price to new heights.

The focus of the market segment isn't solely on Bitcoin; altcoins are also making significant strides. Leading the pack are popular altcoins like SOL and DOGE, while Ethereum (ETH), although experiencing a slight dip from its recent peak near $4,000, is actively seeking to rebound.

Binance is also making notable contributions to these developments, reportedly increasing the perpetual contract funding rate on its platform to bolster its impact.

As of now, a single BTC is trading at $70,635.88, up by 1% in the last 24 hours and 5.61% in the last 7 days. Meanwhile, the price of Ether has risen by 0.51%, currently at $3,584.23, reflecting a 1.12% increase in the last 7 days. SOL and DOGE are leading the race among altcoins, with both tokens vying for the top spot in terms of market capitalization.

Solana's SOL is listed at $186.70, while Dogecoin's DOGE sits at $0.2037.

Bullish sentiments have surged following the US SEC's approval of 11 Spot Bitcoin ETF applications. The rise in the Bitcoin Funding Rate ratio, the highest in two weeks, further adds to the positive outlook. Additionally, the approval of Spot Bitcoin ETF applications has ignited excitement in the crypto sphere, fueling speculation that other cryptocurrencies may soon follow suit with their ETF products. The most speculated product is the Ether ETF, followed by the XRP ETF.

Analysts have previously noted that whales are capitalizing on Bitcoin dips, with over 100,000 BTC accumulated over the past few weeks, totaling approximately $7 billion in value.

Bitcoin anticipates a surge, potentially coinciding with the occurrence of Bitcoin Halving. While this jump may be slightly delayed, the pursuit of a new all-time high is certainly on the horizon, albeit amidst uncertainties and market volatility.