Bitcoin whales are gradually repositioning, indicating a cautious market sentiment rather than panic selling. The cryptocurrency's price recently bounced from $65,000 to over $70,000, suggesting that buyers view dips as strong entry points. Technical indicators show mixed momentum, with the RSI nearing overbought levels and the MACD remaining positive, hinting at potential profit-taking. New on-chain data reveals that Bitcoin's New Whales' UPR has dropped to -0.30, a level last seen after the 2022 all-time high. Unlike the rapid decline in 2022, this drop has unfolded over three months, reflecting a slower market response. This suggests that major holders are cautiously reducing risk or reassessing exposure as prices fluctuate, rather than reacting to sudden market turmoil. Despite erratic price movements, Bitcoin's price has shown resilience, with a sequence of higher lows indicating improving momentum. The recent correction towards $69,400 appears to be profit-taking rather than a trend reversal, as technical indicators continue to reflect market tension.