Long-dormant Bitcoin whales have suddenly sprung to life, triggering a significant market movement that sent BTC tumbling below $90,000. On-chain data reveals an unprecedented awakening of wallet addresses that had remained inactive for over seven years, raising concerns about potential selling pressure in the market.
Whale Activity Analysis
According to CryptoQuant analyst Maartunn, multiple Bitcoin addresses containing coins dormant for 7-10+ years have shown sudden activity in the past 24 hours. This movement coincides with Bitcoin’s recent surge to $95,000, suggesting these long-term holders may be taking profits.
Key Findings:
- Multiple transactions detected from wallets dormant for 7+ years
- Significant movement in the 5-7 year age band
- Price dropped to $87,500 following the whale activity
- Estimated combined value of moved coins exceeds $500 million
Market Implications
The sudden movement of these ancient coins could signal a shift in market sentiment among long-term holders. Historical data shows that such movements often precede significant price corrections, as demonstrated by similar patterns during previous market cycles.
Expert Analysis
“The awakening of dormant whales often indicates a mature market cycle,” says crypto analyst Sarah Chen. “While some of these movements could be recovered lost keys, the timing suggests profit-taking at what these veteran holders view as attractive price levels.”
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Technical Outlook
The immediate support level sits at $85,000, with the next major support at $82,000. Resistance remains strong at the recent high of $90,000. Trading volume has increased by 45% in the past 24 hours, indicating heightened market activity.
Looking Ahead
Market participants should closely monitor whale wallet movements in the coming days, as further selling pressure from long-term holders could trigger additional volatility. The reaction of newer market participants to these movements will be crucial in determining short-term price direction.
Source: Bitcoinist