Bitcoin price is now trading above the previous day’s close after a long time, which may point towards an ease in the selling pressure. However, the market sentiments remained unimpacted despite the crypto space being flooded with a couple of FUDs. Therefore, a quick bounce is expected within the BTC price in the next few days.
Recently, the MT. Gox rehabilitation plan had made huge rounds as nearly 150K BTC could have entered the markets, disrupting the price and hampering any chances of a bullish rally. However, the price displayed minor fluctuations and resumed its uptrend ahead.
An on-chain data platform, Glassnode, noticed high transaction volumes during the past weekend as nearly 5000 BTC was involved in a single block. Later, another block processing 5000 BTC was recorded yet again. Therefore, 10,000 BTC was processed in a single day from a single wallet- one that had been dormant for more than 13 years.
Although this led to mild panic within the crypto space, the huge volume of transfers did not impact the Bitcoin price to a large extent 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 mere redistribution.
In a recent update, the amount of BTC supply that has last been active in the past 6 months to 12 months has just reached a 4-month high.
The rise in the dormant tokens reaching highs of 2,147,190.18 BTC and the sudden revival of the “Ancient whales” clearly suggests that the experienced traders who were calm till now have jumped into action. Hence, the BTC volatility may increase, which may offer the price a firm push, regardless of the price direction.