Dormant Bitcoin Whale Awakens After 6 Years as BTC Eyes Breakdown

2023-10-10 13:07

A long-slumbering Bitcoin whale recently transferred approximately 3,000 BTC (worth $82.37 million) after six years of inactivity, according to Chinese journalist Colin Wu.

In a tweet, Wu noted the whale address ending in 17TZ first split the funds between two new wallets early on October 10.

The movement of such a massive BTC stash after so long caught the attention of crypto market watchers. It comes as Bitcoin shows signs of breaking down from its current triangle consolidation pattern.

Trader Ali also highlighted the emerging triangle breakdown, noting in a separate tweet that Bitcoin’s 2-hour chart points to a potential 5% drop towards $26,200 based on the triangle’s height.

So the whale transferring an enormous sum of BTC back into circulation carries additional significance amid technical weakness. Previous dormant supply shocks have negatively impacted Bitcoin’s price.

However, it remains unclear if the whale is simply rearranging funds or preparing to liquidate the position. On-chain analysts will closely watch whether BTC gets deposited on exchanges.

But in the near term, traders cannot rule out increased selling pressure as the technical indicators waver. Between the whale transfer and the triangle breakdown, Bitcoin may face headwinds, preventing an upside breakout.

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The post Dormant Bitcoin Whale Awakens After 6 Years as BTC Eyes Breakdown appeared first on CaptainAltcoin.

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