Bitcoin price is now trading above the previous day’s close after a long stretch, which may indicate easing selling pressure. However, market sentiments remained unchanged despite the crypto space being flooded by a few FUDs. Therefore, a rapid rebound is expected within the BTC price in the coming days.
Recently, the MT. Gox’s rehab plan had made huge rounds as nearly 150,000 BTC could have entered the markets, disrupting the price and hampering any chances of a bullish rally. However, the price showed minor fluctuations and resumed its upward trend.
An on-chain data platform, Glassnode, noticed high trading volumes over the past weekend as nearly 5,000 BTC were involved in a single block. Later, another block dealing with 5000 BTC was registered again. Therefore, 10,000 BTC were processed in a single day from a single wallet, which had been dormant for over 13 years.
Although this caused a slight panic in the crypto space, the huge volume of transfers did not have a big impact on the price of Bitcoin as it was later identified that these transfers were not sent to any exchange. The trader just split his balance into 2 different addresses – it was a simple redistribution.
In a recent update, the amount of BTC supply that was last active in the past 6-12 months just hit a 4-month high.
The rise of dormant tokens reaching highs of 2,147,190.18 BTC and the sudden revival of “ancient whales” clearly suggest that experienced traders who have been calm until now have taken action. Therefore, the volatility of BTC may increase, which may offer the price a firm push, regardless of the direction of the price.