Dormant $30 Million Bitcoin Cache Roused After 11 Years: 8 Sleeping Wallets From 2012 Stirred to Life in July

Under the cover of darkness early Saturday morning, July 22, 2023, precisely at 12:51 a.m. UTC, a former dormant bitcoin address, home to 1,037.42 BTC—valued at $30 million—stirred to life for the first time since 2012. Long-dormant Bitcoin Address Springs to Life, Moving $30 Million Hoard July has seen eight so-called ‘sleeping’ bitcoin wallets, untouched [...]

The post Dormant $30 Million Bitcoin Cache Roused After 11 Years: 8 Sleeping Wallets From 2012 Stirred to Life in July appeared first on Crypto Breaking News.

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Why Breaking $49K Is Important For Bitcoin To See Another All-Time High

Bitcoin has once again dipped back down below its $47K resistance point. This time, the price of the digital asset looks to have turned its attention downwards. While this downward correction continues, it is important to know where this correction might lead. Price dips are not a novel concept in bull markets. In fact, price dips are often expected following a rally in the price of any digital asset. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish This drop in price is usually the market taking a bit of a step backward. Not necessarily pulling out of the asset. Bitcoin had only recently broken $50K and did not rest at this position for long. So a small downward stretch will most likely lead to a bounce-back that will push the price higher back above $50K. With a consolidation point putting the digital asset at a reasonable position above $50K. Bitcoin Setup For New All-Time High For bitcoin to hit a new all-time high as the market expects, some factors would play into this. Simply speaking, certain signals would need to be triggered for this price jump. Bulls still have majority standing currently, but it is no secret that the bears are determined to drag down the price of the asset. BTC price set to hit new ATH if bounce-back leads past $49K | Source: Twitter This has seen the price of bitcoin forming its first weekly bear after the run-up. As expected, bears are trying to straighten their hold on the market. Dragging BTC price down to test the $40K to $45K range again in the coming days. Current trends for the past 24 hours could very well put the market on track for this breakout level. Unless BTC sees a U-turn. Related Reading | Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren’t Ready To Sell While below $45K is more than likely, BTC price charging back up past $49K will very well see a break away from current bear trends. Not only will this totally weaken bears’ hold but will also trigger a run-up towards $60K. Time To Buy? Despite the recent dip, market sentiments have not moved much. The Fear & Greed Index shows that the market has now moved out of “extreme greed.” But generally has remained in greed, with a current score of 75. Bitcoin’s current price is mostly a buying opportunity for investors in it for the long run. Also known as diamond hands. Losing over $3,000 in the space of 24 hours will usually see a price rebound. The weekend will most likely usher in an uptick in trading volumes that will see BTC recover above its crash point. BTC price falls below $47K | Source: BTCUSD on TradingView.com At this time of writing, BTC is trending around $46,600, with an overall market cap of $881 billion. The beginning of the week saw the price break out past $50K. Current trending patterns show the asset will usher in the weekend below $50K. Featured image from The Independent, charts from Twitter and TradingView.com

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16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, Whats Going On?

On-chain data shows 16,000 BTC, which have been dormant for 5-7 years, have finally shown some movement on the Bitcoin blockchain. 5-7 Years Old Bitcoin Age Band Has Made A Large Move As pointed out by an analyst in a post on X, a large stack of dormant coins has moved across the network today. The relevant on-chain indicator here is the “Spent Output Age Bands” (SOAB), which keeps track of the movements of the various Age Bands on the blockchain. “Age Bands” here refer to groups of coins divided based on their total holding time. For example, the 1-month to 3-month Age Band would include all coins that have been dormant (that is, staying inside the same address) since between one and three months ago. Related Reading: Bitcoin Short-Term Holders Just Locked In $647 Million In Profits If a large number of coins belonging to this holding time range would transfer on the blockchain, then the SOAB for this particular Age Band would register a spike. In the context of the current discussion, the 5-7 years Age Band is of interest. The chart below shows the recent SOAB data for this Age Band specifically: Looks like the value of the metric has just registered a large spike | Source: @binhdangg1 on X As displayed in the above graph, a large amount of coins aged between 5-7years old appear to have just been moved on the network as the corresponding Age Band has registered a spike. This Age Band is a segment of the wider and “long-term holder” (LTH) group, which includes investors who have been holding onto their coins since at least 155 days ago. Statistically, the longer a holder keeps their coins dormant, the less likely they become to sell at any point. As such, the LTHs are generally considered to be more resolute than the rest of the market (the “short-term holders“). Since the 5-7 years Age Band would include coins that are old even in LTH terms, their owners would have to be diamond hands among diamond hands. Due to this reason, it can be something notable when such ancient entities finally decide to break their silence. Related Reading: Cardano (ADA) To Break $8 In Bull Run: Analyst Predicts Timeline During the latest SOAB spike, these investors have moved a massive stack of 16,000 BTC (around $837.8 million at the current exchange rate). Now, what implications this move may have on the market depends on what these investors intend to achieve with it. A dive deeper into on-chain data suggests the move was an outflow from the cryptocurrency exchange Coinbase, as the chart below shows: The value of the metric appears to have been quite high in the past day | Source: @binhdangg1 on X The fact that it is an outflow may be a positive sign for Bitcoin, as it means that selling may not have been the goal here. Rather, the move implies the whale entity behind it may be moving towards self-custody to HODL further, or a large buyer like an ETF is gobbling this BTC up. BTC Price Bitcoin had made a visit down to $50,600 during the weekend, but the cryptocurrency already appears to have bounced back as its price is now floating around the $52,400 level. The price of the coin appears to have overall moved sideways over the last few days | Source: BTCUSD on TradingView Featured image from Erling Løken Andersen on Unsplash.com, CryptoQuant.com, chart from TradingView.com

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