Bitcoin, the highest cryptocurrency by market cap, recently Believer 13 green hourly candles in a row, according to data provided by Vetle Lunde of K33 Research.

Notably, this is the longest series of hourly green candles recorded by the major cryptocurrency since January 1, 2017.

Blockstream CEO Adam Back believes this could be a time-weighted average price (TWAP) buy. "Someone large or institutional is buying. Not sure who would sell to them at these prices!" he said on social media.

He also suggested that MicroStrategy co-founder Michael Saylor or one of the institutional players could use this decline in order to build a much larger position. He also did not rule out that this could be related to short sellers taking profits and then buying more Bitcoin.

Bitcoin bulls on the ropes

After recording a very impressive series of green candles, Bitcoin fell by almost 3% over the next three hours. However, it has since pared most of these losses.

Earlier on Friday, US stocks fell after a popular jobs report reduced the likelihood of future interest rate cuts.

As U.Today reported, the US Federal Reserve recently adopted a more hawkish stance after implementing several interest rate cuts. This has been widely cited as the main reason behind Bitcoin's recent poor performance.

In fact, Bank of America no longer believes the Fed will implement even a single rate cut this year.

Bitcoin is currently trading at $94,515 on the Bitstamp exchange.