As the Bitcoin price hovers near $59,825, market attention intensifies, with two long-dormant wallets suddenly transferring a total of $11 million after a decade of inactivity.
The unexpected movements of these Bitcoin “whales” are sparking speculation about potential market impacts, just as Bitcoin approaches key support and resistance levels in a volatile trading environment.
Based on the blockchain monitoring and analytics platform Whale Alert, a wallet that had been idle for 10.6 years suddenly sprung alive on August 16 and transferred all 174 bitcoins, valued at 10,162,306 USD.
— Whale Alert (@whale_alert) August 16, 2024
Dormant Bitcoin Wallets Reawaken
The reactivation of decade-old dormant Bitcoin wallets often sparks curiosity within the crypto community.
These wallets, dating back to the Satoshi era—the early years following Bitcoin’s creation when its pseudonymous founder, Satoshi Nakamoto, was still active online—are sometimes rumored to be connected to Satoshi himself.
However, experts suggest that these wallets more likely belong to early miners or speculators who are now looking to profit from Bitcoin’s resurgence.
This isn’t the first time long-inactive Bitcoin whales have made significant transactions after years of silence. Such movements continue to fuel speculation and interest in the market.
Key Points:
- Wallets from the Satoshi era reawaken.
- Speculated to belong to early miners or speculators.
- Not the first instance of dormant whales becoming active.
Bitcoin Whales Resurface After a Decade of Dormancy in 2024
The crypto market woke some latent whales as Bitcoin’s price skyrocketed in August above 60,015.20 USD.
One such person made their first transfer more than ten years ago, accumulating almost 18 BTC a decade ago at an average price of less than $30, moving 18 BTC valued close to (1,091,325 USD) on the 16th of August.
The said wallet moved 18 BTC from the dormant wallet address 13.39 BTC and 4.0230 BTC from two other Coinbase wallets. The transaction cost was 0.0000461 BTC, or $2.57.
— Whale Alert (@whale_alert) August 16, 2024
Making their first transaction in more than ten years, another crypto holder purchased hundreds of Bitcoin (BTC) when the flagship digital asset was still going for less than $30,000.
Based on the current price of $55,817, on-chain data indicates that on August 7, the hitherto dormant crypto wallet moved 249.9 Bitcoin, worth $13.94 million. The transaction charged 0.0000461 BTC, or $2.57, as the fee.
This is the first transaction the wallet has made since 2013, when Bitcoin was valued at only $29,245.
— Whale Alert (@whale_alert) August 7, 2024
After almost a decade of inactivity, a wealthy investor with a dormant Bitcoin wallet just sent 1,000 BTC. Whale Alert reports that on July 14, the old wallet transferred 998.73 BTC to one address and 1.263 BTC to another.
— Whale Alert (@whale_alert) July 14, 2024
According to BitInfoCharts, the whale accumulated a 1,000 Bitcoin stack in September 2012, when its total value was only $12,223.
At the current Bitcoin price of $64,682, the value of that hoard has skyrocketed to over $64.7 million, an increase of about 530,000%.
Whale Alert discovered a long-dormant wallet that had received small amounts of Bitcoin on a few occasions in the past twelve years, but those transactions seemed to have been caused by dust attacks.
Bitcoin Eyes $59,300 Support with $61,870 Resistance Ahead
Bitcoin (BTC/USD) is currently trading around $59,824, supported by an ascending triangle pattern, which is generally a bullish signal. The key level to watch here is $59,300, where the lower boundary of the triangle meets.
If Bitcoin continues to close above this level, it could trigger a buying trend, as the pattern often suggests a potential breakout to the upside.
On the flip side, there’s a triple top resistance near $61,870, which could limit further upward movement. This resistance has proven difficult to break in the past, so it remains a crucial barrier for bulls to overcome.
The 50-day Exponential Moving Average (EMA), currently at $59,355, is also providing support and could act as a pivot point for the price.
The RSI is just above 51, indicating that momentum is slightly bullish but not yet overextended.
Conclusion: Consider buying above $59,300, but keep an eye on the $61,869 resistance, as it may cap further gains.
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