An ancient BTC address of the Satoshi era has returned and sold all his BTC. The whale sold all 514 BTC, which he had held since 2017, amassing a $10.6 million profit.
Dormant addresses are resurfacing
A dormant BTC address whale that has held 514 BTC since 2017 recently sold it all. The whale purchased the BTC when it was trading at $910 and has sold it for around $21,700, gaining a $10.5 million profit.
Bitcoin: spent output age bands. Source: CryptoQuant
The BTC market has been recovering short-term from new demand from new investors wanting to generate money from the current price rise. Glassnode notes that the move will spark a new market cycle causing BTC to move away from the stipulated bear market. The analysts added that at the moment, long-term Bitcoin holders in their last phase of hodling coins are circulating capital to new buyers willing to acquire the BTC.
Another address, a dormant whale for 11 years, also recently cashed out on 412 bitcoins worth about $9.5 million. The address was lastly used in 2012 when BTC traded at $12.50. On the other hand, during the selling time, the price was $22,400.
#PeckShieldAlert A dormant $BTC address 1MMXRA (which has been inactive for 11 years) has transferred ~412 BTC (~$9.6M) out (Credit to @BlockBeatsAsia)https://t.co/ZJh4yeMD49 pic.twitter.com/uasdbBekek
— PeckShieldAlert (@PeckShieldAlert) February 8, 2023
Last year, another even older wallet from October 2010 cashed out on 489 bitcoins. At the time of purchase, the bitcoin price was $0.19.
BTC price has been rising
Bitcoin has experienced a significant increase in price since mid-Jan. It climbed from below $17,000 to a new year-to-date high of above $24,000. BTC then faced correction and went lower. At the time of writing, it is trading at $21,880. Such price movements are uncertain, yet they favor bulls, especially in the short term.
The next significant resistance is close to the $22,400 and trend line zones. The main resistance is close to $22,500, and a move above this level might lead to a decent price increase. Otherwise, it could drop if BTC does not clear the $22,100 resistance. Notably, the next support will be towards the $21,500 level, and a downside below the level could push the prices toward the $20,500 zone.
