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Dormant Bitcoin Giant Transfers 12,000 BTC to Exchange, Rattles Market
A dormant Bitcoin wallet transferred approximately 12,000 BTC, valued at $1.4 billion, to an exchange after 13 years of inactivity. This movement has stirred market reactions.
Market Impact
- The transfer occurred as Bitcoin approached a key price range, causing a 2% price drop amid speculation about potential sales.
- Market analysts warn that significant sell orders could trigger forced closures of leveraged positions, leading to sharper price movements.
- Despite the large transaction, some market observers noted a nervous rather than panicked sentiment.
Technical Analysis
- Analyst Ted highlighted resistance around $104,000–$105,000. Holding above $105,000 may encourage further buying towards $107,000.
- If prices drop, support is seen near $100,000. Traders are closely monitoring whether the transferred coins will be sold or moved between wallets.
Long-Term Holder Activity
- Chris Kuiper, CFA, suggests the selling pressure is primarily from long-term holders taking profits gradually.
- This pattern indicates steady profit-taking instead of a sudden exit, aligning with a maturing market.
The market's future will depend on on-chain flows and price behavior around the $104,000–$105,000 range. Short-term traders will react quickly to exchange data, while long-term investors may adjust their strategies more gradually based on inactive supply metrics.