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

Notably, this is the longest streak of green houry candles recorded by the flagship cryptocurrency since Jan. 1, 2017. 

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

He further suggested that MicroStrategy co-founder Michael Saylor or an institutional player could be using this dip 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 logging the extremely impressive streak of green candles, Bitcoin plunged by nearly 3% within the next three hours. However, it has since pared most of these losses. 

Earlier this Friday, U.S. stocks dropped lower following a blockbuster jobs report that reduced the probability of future rate cuts. 

As reported by U.Today, the U.S. Federal Reserve recently adopted a more hawkish stance after implementing several rate cuts. This has been widely cited as the key reason behind Bitcoin's recent underperformance. 

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