That's a possibility. Still, if I were bailing on such a large position, and I were the one which was having the dominant effect of the bid/ask, I'd let it rise, sell less intensely over a longer period and get more for my shares. Let it pop and sell there. The stock has risen with this action, whether buying or selling, and it would rise even more and make more money for the sellers if the selling weight was lightened.
On the hand, if it is a short covering, or a buyer accumulating, there would plenty of reason to suppress the price.
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