bitcoin Whales Resurface After a Decade of Dormancy in 2024
The cryptocurrency market is abuzz with activity as bitcoin's price soars above $60,015.20 USD. Recently, two long-dormant wallets came back to life, after more than a decade of inactivity, stirring up curiosity and speculation in the crypto community.
One of the wallets, inactive for over 10 years, suddenly transferred 18 BTC on August 16, valued at around $1,091,325 USD. This wallet had acquired almost 18 BTC over a decade ago when bitcoin was trading at less than $30, and after a long hiatus, decided to move its assets.
Another crypto holder made their first transaction in over a decade, moving 249.9 BTC on August 7, when bitcoin was priced at $55,817. The on-chain data indicates that this wallet had been dormant since 2013, when bitcoin was valued at a mere $29,245.
Adding to the intrigue, a wealthy investor with a dormant bitcoin wallet resurfaced after almost ten years, sending 1,000 BTC on July 14. This dormant wallet, inactive since 2012 when bitcoin's value was only $12,223, saw its digital assets appreciate astronomically to over $64.7 million at the current bitcoin price of $64,682.
Throughout the years, these dormant whales have garnered attention whenever they make significant transactions, fueling further speculation and interest in the cryptocurrency market.
bitcoin Eyes $59,300 Support with $61,870 Resistance Ahead
bitcoin (BTC/USD) is currently hovering around $59,824, with market analysts closely watching the key support level of $59,300. The price action is forming an ascending triangle pattern, indicating a potential bullish breakout if bitcoin stays above $59,300.
On the flip side, there is a triple top resistance near $61,870, which may pose a challenge for further upward movement. Breaking through this resistance level could signal a stronger bullish trend for bitcoin.
The 50-day Exponential Moving Average (EMA) at $59,355 is acting as a support level, providing stability amid market fluctuations. The Relative Strength Index (RSI) is slightly above 51, suggesting a mildly bullish momentum without being overextended.
Conclusion: Traders and investors are advised to consider buying above $59,300 while keeping a watchful eye on the $61,870 resistance level, which could cap further gains in the near term.
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