Bitcoin has recently experienced a remarkable rebound, jumping by 11% to reach $83,500, amid an atmosphere of macroeconomic instability and bond market volatility. Notably, large holders, often referred to as “whales,” and long-term holders have played a crucial role in absorbing market pressure, acquiring approximately 100,000 BTC since March.

As the U.S. market grapples with significant volatility—exacerbated by the fallout from Trump’s “Liberation Day” announcement and a dramatic increase in Treasury yields—the question arises: Is Bitcoin genuinely on the brink of a parabolic run, or is this speculation premature? The behavior of these large holders, who are sitting on significant unrealized profits, could greatly influence future price movements.

To better understand Bitcoin’s recent resilience, it is essential to examine the current state of the U.S. economy. Typically, U.S. bonds and treasury yields exhibit opposing movements; when the bond market declines, yields tend to rise.

Recently, the 10-year Treasury yield surged past the 4.5% mark, its highest since February, highlighting the strain on U.S. fiscal policy and increasing borrowing costs for the government. The bond market crash, partially fueled by foreign sell-offs, has magnified the risk of near-term rate cuts, undermining the dollar’s safe-haven status.

Despite these challenges in the broader market and a recent wave of selling pressure that saw Bitcoin dip below $75,000, the cryptocurrency staged a strong comeback. Data reveals that wallets containing between 1,000 to 10,000 BTC have consistently absorbed this selling pressure, demonstrating the influence of institutional investors.

The Net Unrealized Profit/Loss (NUPL) for long-term holders indicates they hold, on average, 68% in unrealized profits. With the current market dynamics, caution remains essential.

While there are indicators of potential growth, particularly from whale activities, external economic factors and geopolitical tensions suggest that it may still be premature to expect a sustained parabolic rise in Bitcoin’s value.

POPCAT has made headlines recently after breaching a descending channel, with indications of a potential price surge. Following a remarkable 37% gain in a single day, the altcoin has yielded an impressive 41% return for investors who bought into it over the last month.

While sentiment remains overwhelmingly positive, bolstered by significant investments from whales on platforms such as Bybit, Binance, and Hyperliquid, there are elements that could impede a continued rally. On the technical front, POPCAT’s price movements have established a bullish breakout pattern, characterized by a descending price channel.

If the momentum continues and resistance levels are breached, there’s potential for significant price growth, potentially reaching $0.9822—a staggering 370% increase from its current levels. However, this rise is unlikely to be linear, as price retracements are expected along the way.

Should the overall bullish sentiment prevail, POPCAT has the potential to trade as high as $2.08. Whale activity indicates strong backing for a rally, evidenced by an analysis of the long-to-short ratio and Open Interest in the market.

The prevailing sentiment leans bullish, with buying volume eclipsing selling volume, a situation reflected by a long-to-short ratio of 1.0513. Dominating the market, whales account for $80.7 million of the $127.89 million in Open Interest, showcasing a clear preference for long positions.

Despite this enthusiasm, spot traders are exhibiting cautious behavior. Currently, there is significant selling activity, with around $850,000 worth of POPCAT being sold as long-term traders take profits by moving their assets from private wallets to exchanges.

If this trend persists among spot traders, it could hinder POPCAT’s ability to breach critical resistance levels, thereby stalling the overall bullish momentum.