Bitcoin latest mystery involves a wallet inactive for eight years that suddenly roared back to life. Once worth a modest $3 million in 2017, the wallet now holds a staggering $250 million in BTC.
The reactivation, spotted by on-chain trackers, has set off a wave of speculation about the motives behind the move—whether it’s a long-lost investor recovering access or a signal of impending market activity.
This isn’t an isolated event. In 2024, several dormant Bitcoin wallets—some dating back to the Satoshi era—have resurfaced.
One wallet, inactive since 2010, moved 2,000 BTC for the first time in 14 years. Another whale holding $29.3 million became active after years of silence. Most recently, Whale Alert flagged a $252 million BTC transfer to an unknown wallet, intensifying attention on whale activity.
Whale Activity Raises Market Volatility Concerns
Large BTC movements from long-inactive wallets can spook markets, particularly when there’s no indication of intent. Traders often fear these events signal sell-offs, especially when the amounts exceed hundreds of millions of dollars. Such volumes, if dumped on exchanges, could put downward pressure on Bitcoin’s price.
- The reawakened wallet holds approximately 2,900 BTC.
- A $252 million transfer hit the blockchain shortly after the reactivation.
- BTC is currently trading near $87,330, up over 3.5% in the last 48 hours.
The crypto market is especially sensitive to unexpected liquidity. As traders monitor these whale addresses, any further activity—particularly transfers to exchanges—could trigger swift reactions across crypto markets.
Bitcoin Breaks Out Above $86K: Bulls Eye $89K and Beyond
Technically, Bitcoin continues to ride strong momentum. It recently broke out of a descending triangle on the 4-hour chart, with price surging above the key resistance at $86,460—now turned support.
This breakout was confirmed with high volume and a decisive move above the $84,870 neckline.
BTC now trades firmly above the 50-period EMA at $84,530, keeping bullish sentiment intact. Should the rally sustain, bulls will likely aim for the next resistance levels at $89,020, $90,750, and $92,800.
A pullback below $86,460 could test support at $84,870, but the broader trend remains positive as long as BTC stays above the breakout zone.
With renewed whale activity and strong technical support, BTC may be gearing up for its next leg higher. However, any major whale liquidation could flip the script, making close monitoring essential.
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The post Bitcoin Whale Returns After 8 Years – Here’s Why Traders Are Watching This Wallet Like a Hawk appeared first on Cryptonews.
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