- Bitcoin whale moved 61 BTC worth $6.08M after 12 years of inactivity.
- BTC plunged to $98,277 low amid whale activity, resisting below $102,000 and 100-hour SMA.
- Key resistance levels are $101,250–$103,500; support zones lie at $98,500 and $95,500.
A long-dormant Bitcoin wallet has sparked major interest after moving 61 BTC, valued at $6.08 million. The wallet, inactive for 12 years, originally held 300 BTC worth $30.2 million. The sudden activity, has crypto enthusiasts speculating about the wallet owner’s motives and future intentions.
According to Lookonchain, the address “16UR8UqMM1smmHUtQGcRahxaH4q12w8xXj” had shown no prior movement since 2012. Such wallets often belong to early miners or adopters from Bitcoin’s early days, and their movements frequently prompt market speculation, especially during times of high volatility in the crypto market.
These ancient wallets are notable because the coins were mined or purchased when BTC was trading below $10. Given the transaction patterns and timestamp, this wallet likely belonged to a miner from Bitcoin’s early network days. Analysts are now closely monitoring this case for possible larger market implications.
Related Readings: Bitcoin Eyes Breakout Amid Rising Demand and Global Liquidity Surge
Bitcoin Slips Sharply Below $98,300 Level
Only 61 BTC were transferred, while 239 BTC worth over $24 million remain unmoved. The destination wallet hasn’t sent any BTC to exchanges, relieve immediate concerns of liquidation. Still, traders remain alert, as large movements from Bitcoin OGs often cause ripples in market sentiment and short-term trading behavior.
Following the whale’s transfer, Bitcoin witnessed a sharp dip, breaking multiple support levels. Bitcoin’s price saw a sharp drop, falling below $105,500 and sliding past $104,200 and $103,000. The downward momentum continued with a break below the $102,000 support, and eventually tested the $98,250 region. A low formed at $98,277, marking a fresh phase of consolidation for BTC.
BTC went through an increase in the price for a short period and managed to surpass the 23.6% Fibonacci retracement level from the $106,470 peak to the $98,277 bottom. Bitcoin faced resistance near $101,200, failing to break $102,000 psychological level, and the 100 hourly simple moving average. A bearish trendline nearby also checks the bulls’ upside near the $101,250 region.
The primary resistance levels are $101,250 and $102,500, which coincide with the 50% Fibonacci retracement level. Uptrend confirmation over $103,500 would lift the overall market’s confidence, and with that aim, it will be realistic to break $105,000 and $106,200, respectively.
Read More: Bitcoin Faces Critical Support at $93K: Can Bulls Stage a Comeback?
