Bitcoin surged by more than 12% last week, reaching $96,500, surpassing the average acquisition price of short-term whales, large holders who purchased Bitcoin in the last six months.

According to CryptoQuant analyst JA Maartunn, these whales have now reached their breakeven point of $90,890, indicating that they are profitable and less inclined to sell, thus contributing to market stability.

Short-term whales, which are addresses holding Bitcoin for less than six months, are now collectively in profit due to BTC exceeding their average purchase price. Normally, when these investors become profitable, they tend to hold back on selling, relieving selling pressure.

The Short/Long-Term Whale Realized Price chart from CryptoQuant illustrates the short-term whales' cost basis moving closer to the current market price curve. This suggests that most short-term holders would make gains if they were to sell at current levels.

On-chain data and metrics show that miners and patient investors are optimistic about the market's momentum. Nevertheless, seasonal trends and macroeconomic factors may present challenges ahead. Bitcoin exhibits a historic pattern of a weaker Q3 following a strong Q2, and factors like inflation, dollar strength, and market expectations for future events can impact the cryptocurrency's performance.

In conclusion, while profits for whales and positive market indicators are driving Bitcoin's upward trajectory, traders are advised to monitor seasonal trends, funding rates, and economic news to navigate potential risks during the summer.