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Old Bitcoin wallets are moving large amounts, signaling potential selling pressure in the market.
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Over 29,000 Bitcoins held for 6-12 months were transferred, hinting at cautious investors.
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Bitcoin’s price dip of 1.2% suggests possible correction after hitting a month-high of $64,667.
In the last 7 days, Bitcoin’s price jumped nearly 8%, reaching a one-month high of $64,667. However, behind this impressive rise, activity on its network has surged significantly. According to CryptoQuant’s on-chain analyst XBTManager, older Bitcoins are being moved around the network, raising alarms about possible selling pressure.
Old Bitcoin Holding Began to Moves
According to XBTManager on September 18,4,924 Bitcoins, held for 2-3 years, were suddenly transferred. But what’s more alarming is that 16,707 Bitcoins held for just 1 week to 1 month were also moved. This shows that both long-term and short-term holders are making moves, possibly gearing up to sell.
The trend didn’t stop there. On September 19, a whopping 17,160 Bitcoins held for just 1 week to 1 month changed hands, along with 1,617 Bitcoins held for 3-6 months. This ongoing activity suggests that investors might be looking to cash in as Bitcoin’s price rises.
By September 20, the movement escalated again. Another 17,019 Bitcoins held for just 1 week to 1 month were moved, along with smaller amounts from various holding periods. This growing movement hints at increasing caution in the market.
The most significant shift came on September 23, with over 29,000 Bitcoins held for 6-12 months transferred. Additionally, 6,398 Bitcoins that were held for just 1 week to 1 month were also moved. These transactions are likely positioned for potential selling opportunities, raising questions about the future of Bitcoin’s price.
Is Bitcoin’s Rally in Danger?
On September 24, another 4,389 Bitcoins held for 1-3 months were moved, along with 1,621 Bitcoins held for 1 week to 1 month. With such consistent movement of coins from various holding periods, there’s a clear sign that the market may be preparing for a correction.
While Bitcoin has been riding a wave of upward momentum, this massive increase in network activity could slow down its rise. Analysts are now closely watching to see if these coins are being sent to exchanges, which could trigger a sell-off.
Bitcoin Price Dip: Is $60K Next?
Bitcoin’s price recently dipped by 1.2% after reaching a month-high of $64,667. It’s now resting at around $63,637, with a market cap of $1.25 trillion.
Looking at the 4-hour chart, Bitcoin shows a clear upward trend, although it’s been fluctuating. As the market moves higher within an ascending channel, there’s a chance for a downward shift.
If the price hits the $64K resistance and fails to break through, we could see a drop to $60K or even $57K. However, the daily chart still hints at a strong possibility of more gains ahead.
