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As the Bitcoin price remains around $59,825, market focus sharpens, with two previously inactive wallets unexpectedly transferring a combined total of $11 million after a decade of dormancy.
The surprising activity of these Bitcoin “whales” is generating speculation regarding possible market effects, coinciding with Bitcoin nearing significant support and resistance levels in a fluctuating trading landscape.
According to the blockchain monitoring and analytics service Whale Alert, a wallet that had been inactive for 10.6 years was reactivated on August 16, transferring all 174 bitcoins, valued at 10,162,306 USD.
![Bitcoin Value Under Scrutiny as Two Inactive Whales Transfer $11 Million After a Decade1]()
A dormant address containing 174 #BTC (10,162,306 USD) has just been activated after 10.6 years (worth 142,600 USD in 2014)!https://t.co/HtndhS8ZU0
— Whale Alert (@whale_alert) August 16, 2024
Reactivation of Dormant Bitcoin Wallets
The revival of decade-old dormant Bitcoin wallets frequently piques interest within the cryptocurrency community.
These wallets, originating from the Satoshi era—the initial years following Bitcoin’s inception when its pseudonymous creator, Satoshi Nakamoto, was still engaged online—are sometimes speculated to be linked to Satoshi himself.
However, analysts propose that these wallets are more likely owned by early miners or investors now seeking to capitalize on Bitcoin’s resurgence.
This is not the first occasion that long-inactive Bitcoin whales have executed substantial transactions after years of inactivity. Such activities continue to stimulate speculation and intrigue in the market.
Key Points:
- Wallets from the Satoshi era have been reactivated.
- Speculated to belong to early miners or investors.
- This is not the first case of dormant whales becoming active.
Bitcoin Whales Emerge After a Decade of Inactivity in 2024
The cryptocurrency market has awakened some dormant whales as Bitcoin’s price surged in August above 60,015.20 USD.
One individual made their first transfer over ten years ago, acquiring nearly 18 BTC a decade back at an average price of under $30, moving 18 BTC valued at approximately 1,091,325 USD on August 16.
This wallet transferred 13.39 BTC from the dormant wallet address and 4.0230 BTC from two other Coinbase wallets. The transaction fee was 0.0000461 BTC, or $2.57.
A dormant address containing 18 #BTC (1,091,325 USD) has just been activated after 10.3 years (worth 9,204 USD in 2014)!https://t.co/ie234fPj3P
— Whale Alert (@whale_alert) August 16, 2024
A dormant address containing 18 #BTC (1,091,325 USD) has just been activated after 10.3 years (worth 9,204 USD in 2014)!https://t.co/ie234fPj3PIn their first transaction in over ten years, another crypto holder acquired hundreds of Bitcoin (BTC) when the leading digital asset was still priced below $30,000.
Based on the current price of $55,817, on-chain data reveals that on August 7, the previously dormant crypto wallet moved 249.9 Bitcoin, valued at $13.94 million. The transaction incurred a fee of 0.0000461 BTC, or $2.57.
This marks the wallet’s first transaction since 2013, when Bitcoin was priced at just $29,245.
A dormant address containing 250 #BTC (14,075,072 USD) has just been activated after 11.2 years (worth 29,245 USD in 2013)!https://t.co/WOyUPkt1YT
— Whale Alert (@whale_alert) August 7, 2024
A dormant address containing 250 #BTC (14,075,072 USD) has just been activated after 11.2 years (worth 29,245 USD in 2013)!https://t.co/WOyUPkt1YTAfter nearly a decade of inactivity, a wealthy investor with a dormant Bitcoin wallet transferred 1,000 BTC. Whale Alert reported that on July 14, the old wallet sent 998.73 BTC to one address and 1.263 BTC to another.
![Bitcoin Value Under Scrutiny as Two Inactive Whales Transfer $11 Million After a Decade7]()
![Bitcoin Value Under Scrutiny as Two Inactive Whales Transfer $11 Million After a Decade9]()
A dormant address containing 1,000 #BTC (59,989,823 USD) has just been activated after 11.8 years (worth 11,908 USD in 2012)!https://t.co/JOJTymSWal
— Whale Alert (@whale_alert) July 14, 2024
A dormant address containing 1,000 #BTC (59,989,823 USD) has just been activated after 11.8 years (worth 11,908 USD in 2012)!https://t.co/JOJTymSWalAs per BitInfoCharts, the whale accumulated a stack of 1,000 Bitcoin in September 2012, when its total value was merely $12,223.
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At the current Bitcoin price of $64,682, the value of that accumulation has surged to over $64.7 million, reflecting an increase of approximately 530,000%.
Whale Alert identified a long-dormant wallet that had received small amounts of Bitcoin on a few occasions over the past twelve years, but those transactions appeared to be the result of dust attacks.
Bitcoin Approaches $59,300 Support with $61,870 Resistance Ahead
Bitcoin (BTC/USD) is presently trading around $59,824, supported by an ascending triangle pattern, which is typically a bullish indicator. The critical level to monitor here is $59,300, where the lower boundary of the triangle converges.
If Bitcoin manages to close above this threshold, it could initiate a buying trend, as the pattern often indicates a potential upward breakout.
Conversely, there exists a triple top resistance near $61,870, which may restrict further upward movement. This resistance has proven challenging to breach in the past, making it a vital barrier for bulls to surpass.
Bitcoin Price Chart – Source: Tradingview
The 50-day Exponential Moving Average (EMA), currently at $59,355, is also providing support and could serve as a pivot point for the price.
The RSI is slightly above 51, indicating that momentum is somewhat bullish but not yet overextended.
Conclusion: Consider purchasing above $59,300, but monitor the $61,869 resistance, as it may limit further gains.
You might also like Bitcoin Price Prediction 2024 – 2034
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