Bitcoin's market rally continues, showing a 10.4% weekly increase and peaking close to its all-time high. The cryptocurrency surged 24% in the past month, supported by optimism in both crypto and traditional markets. While still 4% below its peak, market dynamics suggest a bullish trend might be forming.

A significant factor is the withdrawal of 3,000 BTC, worth $312 million, from Binance after a US-China trade agreement. This event aligns with analyst Amr Taha's observation of a steady decline in Binance's BTC reserves, hinting at accumulation behavior and decreased selling pressure.

The withdrawal coinciding with improved US-China relations suggests that investors are realigning strategies based on macroeconomic conditions. Taha notes that this trend, paired with rising equity markets, signifies an optimistic recalibration of risk in line with global trade improvements.

This coordinated movement hints at renewed confidence among long-term holders in Bitcoin's role within diversified investments. With reduced exchange reserves and growing private holdings, a test of Bitcoin's all-time high may occur if the current trend continues. The coming weeks are crucial for determining whether a breakout or consolidation will follow.