Bitcoin price is now trading above the previous day’s close after a long time, which may point towards an ease in the selling pressure. However, the market sentiments remained unimpacted despite the crypto space being flooded with a couple of FUDs. Therefore, a quick bounce is expected within the BTC price in the next few days.
Recently M.T. Gox Rehabilitation Plan had made a huge round as around 150K BTC could have entered the markets, disrupting the price and any chances of a bullish rally. However, the price showed slight volatility and the further trend resumed.
An on-chain data platform, Glassnode, noticed high transaction volumes during the past weekend as nearly 5000 BTC was involved in a single block. Later, another block processing 5000 BTC was recorded yet again. Therefore, 10,000 BTC was processed in a single day from a single wallet- one that had been dormant for more than 13 years.
While this caused a mild panic in the crypto space, the large volume transfer did not affect the price of bitcoin to a great extent as it was later discovered that these transfers were not sent to an exchange. The merchant split his balance into 2 different addresses- it was just redistribution.
In a recent update, the amount of BTC supply that has last been active in the past 6 months to 12 months has just reached a 4-month high.
The surge in dormant coins reaching a high of 2,147,190.18 BTC and the sudden resurgence of “ancient whales” clearly shows that seasoned traders who have been calm so far have jumped into action. Therefore, the volatility of BTC could increase, which could give a strong push to the price regardless of the direction of the price.
