In a surprising turn of events, a inactive bitcoin wallet It has resurfaced as recently as 2011, raising questions about the motive behind this sudden activity.
A wallet holding 139 BTC with a current value of around $3.5 million has caught the attention of the crypto community.
As speculation rises about the reasons behind this resurgence, many are curious to see how it will affect the bitcoin market and whether it may offer any insight into future price movements.
Resurgence Of Old Bitcoin Sparks Interest As Historical Wallet Witnesses Movement
The resurgence of old bitcoins has caught the attention of the cryptocurrency community, with significant movement seen this year.
According to a report by Glassnode, 3,200 BTC have recovered, of which 1,100 pre-date 2013.
Of these movements, a notable example involves the owner of 139 BTC, who bought them in June 2011 for a little over $2,250.
With the current price of bitcoin, these holdings have now grown to an impressive $3.5 million.
In March last year, the market saw the sale of 429 BTC from an ancient wallet created in October 2010, when bitcoin was worth just $0.19.
Another significant movement occurred in February 2023 when a Satoshi-era address moved 412 BTC worth $9.6 million, after more than a decade of inactivity.
The motives behind these movements remain uncertain, whether motivated by selling coins or personal custody practices.
Due to the pseudonymous nature of bitcoin, the true identities and intentions of the holders of these ancient coins may remain unknown.
bitcoin price
Bitcoin It is currently trading at $27,400, which represents a recovery from the significant decline seen last week.
The cryptocurrency has managed to regain the lost ground and is now trading above the $27,000 mark.
Several factors have contributed to this upward momentum. After finding support at the $26,650 level on Monday, bitcoin experienced a surge above the $27,000 range.
This bullish momentum is further supported by the formation of a bullish engulfing candle on the four-hour time frame, which suggests the potential for continued price appreciation.
In terms of immediate support, the 15-day exponential moving average and the $26,700 level play an important role.
Additionally, crossing of the 50-day exponential moving average above the 200-day moving average signals a shift in favor of buyers, strengthening their position in the market.
Therefore, there are chances of bitcoin price reaching $28,000 if it can overcome the $27,000 resistance.
It is important to highlight that a key resistance is expected near the $28,700 level.
Both the relative strength index (RSI) and the moving average convergence divergence (MACD) are indicating a buy zone, increasing the chances of a higher trendline above the $26,700 mark.
Conversely, if bitcoin declines below $26,000, the next level of support is expected at $25,900 or even lower, potentially reaching $25,000.
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Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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