Retail investors and large-scale Bitcoin holders, known as whales, are actively participating in the current Bitcoin rally, according to cryptocurrency analyst Murphy. Data indicates that addresses holding less than 1 BTC have increased their balances by 23,074 BTC over the past month, with significant accumulation observed at price levels of $66,000, $70,000, and $80,000. This suggests that seasoned retail traders remain engaged in the market. Meanwhile, whales, defined as entities holding over 10,000 BTC, have also been accumulating, with their 30-day balance showing a net increase of 140,699 BTC. This marks the largest net gain for whales in nearly two years, highlighting a strong accumulation trend. Murphy notes that market movements tend to follow the path of least resistance, suggesting that Bitcoin prices may continue to rise until encountering stronger resistance levels.