Because the market is resting after a big "no supply" rally from $220. And there is still not enough selling to bring the price much below $275 because it was getting vacuumed up during the past six months while the price was low. During that time Bitcoin ownership quietly changed from panicky "moon kid" get-rich-quick types to well informed, high quality long-term holders. Add a little demand from whales, traders and a dash of fomo... you start seeing bullish behavior.

That is the whole point of accumulation--to corner the market of floating supply so that by the time Joe Blow notices and wants to buy the stock/security will be triple the price.