Bitcoin’s rise from below $65,000 to above $81,000 within roughly a week shifted market sentiment from fear to greed and prompted some analysts to declare the bear phase over. The rally then stalled at $81,000, with two rejections and the Fed’s hawkish stance on Friday renewing technical and macro concerns. At the same time, whales (large cryptocurrency holders) accumulated roughly $3 billion worth of Bitcoin, adding more than 39,150 BTC in seven days, while ETF buyers invested more than $920 million. Analyst Ali Martinez said whales were the main force behind the rally, whereas retail investors appeared to be selling. After new Fed Chair Kevin Warsh’s hawkish Jackson Hole speech, analysts including Rekt Capital and Crypto Haris questioned whether the move represented a lasting recovery. Haris outlined a scenario in which Bitcoin falls first to $74,000, then toward $67,000, and potentially to $62,000 before eventually rising to $90,000.