Bitcoin (BTC) price has recently rebounded, surpassing the $62,000 mark after a brief dip. Interestingly, during this price recovery, Bitcoin whales have been actively accumulating, draining over 15,400 BTC from Coinbase alone within the last 24 hours. This massive whale accumulation could have contributed to the latest price rally.

According to Coinglass stats, Coinbase Pro witnessed a significant drain of 15,415.25 BTC, equivalent to $966.84 million, considering prevailing rates. This withdrawal accounts for a substantial portion of the total Bitcoin exchange balance slump of 13,782.83 BTC. In the past 30 days, Coinbase Pro recorded a lesser withdrawal of its Bitcoin reserve, with a whopping 15,000 BTC retracted in a single day, indicating that whales have been accumulating cheaper BTC lately.

Other exchanges, such as OKX, Gemini, Bitstamp, and Korbit, also saw notable changes in their Bitcoin reserves, with OKX recording a withdrawal of 329 BTC and Gemini accounting for an accumulation of 108.18 BTC in the 24-hour frame. Notably, a single whale transaction of 7,900 BTC, valued at a staggering $494.13 million, from Coinbase accounted for over 50% of the total BTC withdrawn from the exchange in the last 24 hours.

The renewed accumulations by whales have turned the tables, with the Bitcoin Coinbase Premium Gap lowering to a neutral level after being in the 'red' due to selling pressure on Tuesday, May 14. JA Maartuunn, a certified author on CryptoQuant, hinted at a potential upside, stating that the intense selling pressure from Coinbase appears to have abated, potentially creating some short-term upside opportunity.

As of writing, the Bitcoin price is up by 1.32%, trading at $62,720.08, with a 24-hour trade volume increase of 3.39%, reaching $26.22 billion. The oldest crypto boasts a market capitalization of $1.22 trillion. However, there has been a slight decline in derivatives traders' interest in Bitcoin futures, with the BTC open interest dropping by 0.61% to $29.73 billion. Notably, shorts have been leading the liquidations as traders try to mitigate losses amid the BTC recovery.

Bitcoin's Relative Strength Index (RSI) currently sits at 48, indicating a balanced market sentiment. However, according to Trading View analytics, BTC is currently trading substantially higher than its 10-day and 100-day EMAs of 62,071 and 60,443, respectively, suggesting short and long-term bullish sentiment for the cryptocurrency.