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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Sep 24, 2024 10:36 UTC
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Old Whales Move Over 29,000 Bitcoins: Is a Sell-Off Coming?
Old Bitcoin wallets are moving large amounts, signaling potential selling pressure in the market.
Over 29,000 Bitcoins held for 6-12 months were transferred, hinting at cautious investors.
Bitcoin’s price dip of 1.2% suggests possible correction after hitting a month-high of $64,667.
In the last 7 days, Bitcoin’s price jumped nearly 8%, reaching a one-month high of $64,667. However, behind this impressive rise, activity on its network has surged significantly. According to CryptoQuant’s on-chain analyst XBTManager, older Bitcoins are being moved around the network, raising alarms about possible selling pressure.
Alarming Transfers Signal Market Movements
On September 18, a staggering 4,924 Bitcoins that had been held for 2 to 3 years were suddenly transferred. Even more concerning, 16,707 Bitcoins held for just 1 week to 1 month also changed hands. This activity indicates that both long-term and short-term holders are making moves, possibly preparing to sell.
The trend continued on September 19, with another 17,160 Bitcoins held for 1 week to 1 month changing hands, alongside 1,617 Bitcoins held for 3 to 6 months. This ongoing movement suggests that investors might be looking to capitalize on Bitcoin’s rising price.
Caution in the Market!
By September 20, the movement escalated again. Another 17,019 Bitcoins held for just 1 week to 1 month were moved, along with smaller amounts from various holding periods. This growing movement hints at increasing caution in the market.
The most significant shift came on September 23, with over 29,000 Bitcoins held for 6-12 months transferred. Additionally, 6,398 Bitcoins that were held for just 1 week to 1 month were also moved. These transactions are likely positioned for potential selling opportunities, raising questions about the future of Bitcoin’s price.
Is Bitcoin’s Rally in Danger?
On September 24, another 4,389 Bitcoins held for 1-3 months were moved, along with 1,621 Bitcoins held for 1 week to 1 month. With such consistent movement of coins from various holding periods, there’s a clear sign that the market may be preparing for a correction.
While Bitcoin has been riding a wave of upward momentum, this massive increase in network activity could slow down its rise. Analysts are now closely watching to see if these coins are being sent to exchanges, which could trigger a sell-off.
Bitcoin Price Gain or Drop Ahead?
Following its peak at $64,667, Bitcoin’s price recently dipped by 1.2% and is currently around $63,637, with a market cap of $1.25 trillion.
On the 4-hour chart, Bitcoin demonstrates a clear upward trend, albeit with fluctuations. As the market rises within an ascending channel, the potential for a downward shift remains.
If Bitcoin fails to break through the $64,000 resistance level, we could see a drop to $60,000 or even $57,000. However, the daily chart still suggests a strong possibility of further gains ahead.
The future of Bitcoin is uncertain. Are you buying, selling, or holding? Let us know your strategy.
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