Bullish trend reversal underway as Bitcoin price holds above $11,000

Within the last few hours, Bitcoin price surpassed $11,000 in a swift turnaround from its swing low at $10,500 in early October.

In the cryptocurrency market, individual investors who hold immense amounts of Bitcoin are considered whales.

Data from Whalemap shows that whales have likely been buying Bitcoin from $10,370 onwards, and on Oct. 8, the analysts said that the $10,570 support held.

Since whales typically account for a large portion of the buying demand and selling pressure in the Bitcoin market, whale accumulation is a significant catalyst.

Institutional demand is rising due to high-profile bulk Bitcoin investments.

First, MicroStrategy disclosed that it had bought $250 million worth of Bitcoin on Aug. 11.

On top of favorable fundamental factors such as whale accumulation and a rising hash rate, the growth in institutional appetite for BTC is adding extra energy to the momentum seen in Bitcoin's price.

The $10,500 area has been a crucial support level for Bitcoin over the past three months.

Typically, sellers deposit Bitcoin on exchanges in order to sell the dominant cryptocurrency.

The confluence of declining sell pressure, rising institutional demand and the favorable technical structure suggest that Bitcoin may have some success in flipping $11,000 from resistance to support.