Bitcoin whales have once again made significant moves, triggering a buying frenzy in the market. Despite this, selling sentiment remains dominant, and few metrics hint at a potential price drop. As Bitcoin reclaimed $70k briefly before declining, whales seized the opportunity to accumulate more BTC at a lower price. This raises the question: does this signal another bull rally?

CoinMarketCap's data revealed that BTC's price gained bullish momentum last week, touching $70k on May 21. However, the bulls couldn't sustain the pump, resulting in BTC falling under $69k. Whales took advantage of this opportunity, with popular crypto-analyst Ali reporting that BTC whales purchased over 20,000 BTC, worth $1.34 billion. Abramchart, an analyst at CryptoQuant, also noted a strong return in whales' buying interest after a two-month decline since March.

While whales bought, retail investors might have been selling BTC, as the coin's exchange reserve has been increasing. The Korea Premium and Coinbase Premium were also red, indicating dominant selling sentiment among US and Korean investors. Despite this, BTC climbed 2.6% in the last 24 hours, trading at $68,797.25 with a market capitalization of over $1.36 trillion.

However, whales' efforts might not be enough to sustain this uptrend. BTC's aSORP was red, suggesting more investors are selling at a profit, potentially indicating a market top. Additionally, its NULP hinted at investors being in a belief phase with high unrealized profits, a bearish signal.

Technical indicators suggest a potential bearish crossover in the coming days, with the MACD displaying a possibility of a bearish crossover. The Chaikin Money Flow (CMF) moved sideways near the neutral zone, while the Money Flow Index (MFI) looked bullish with a sharp uptick.

In conclusion, while Bitcoin whales are actively accumulating BTC, the overall market sentiment remains mixed. Retail investors appear to be selling, and several indicators suggest potential bearish trends. Investors should closely monitor these developments and consider both bullish and bearish signals before making investment decisions.