According to blockchain security and analytics firm, PeckShield, a dormant Bitcoin address has transferred millions worth of Bitcoin. On-chain data revealed that the address was inactive for eleven years prior. On Feb. 8, it moved roughly 412 BTC worth $9.6 million.
After sending the coins, the wallet had a balance of only 0.1108 BTC. The same was worth approximately $2572.2 at press time.
As far as the macro picture is concerned, relatively younger dormant wallets continue to hold their coins. Data from Glassnode revealed that the amount of supply last active 2y-3y just reached a 16-month high of 1,963,218.295 BTC. The rise in the inactive supply hints to the macro ‘hodling’ conviction of investors.
Alongside, the accumulation trend has also been going on in full swing. The number of addresses possessing more than 0.01 BTC just reached an ATH of 11,544,691 on Wednesday, affirming the same.
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Bitcoin had a good start to 2023. In fact, January 2023 was its best January in over ten years. However, the largest cryptocurrency asset has been trading horizontally of late. Over the past day, BTC has registered a 0.28% decline, while on the weekly, it flashed an uptick number of merely 0.43%.
After an eventful January, the on-going consolidation was expected. At press time, Bitcoin was trading quite close to its strong support around $22.5k. If the bearish pressure intensifies and BTC loses the said lifeline, it can drop down to around ~20.5k, where its next support lies. However, in a bullish scenario, a hike up to $25.4k is possible.
Nevertheless, investors and traders need to keep an eye out on ~$23.4k. The same is more or less like a “make it or break it” level for Bitcoin. Like analyst Rekt Capital recently pointed out, if the price “struggles” to break above the same, then what the market is witnessing is perhaps merely a relief rally. However, if it is able to flip $23.4k as support, its bullish streak will likely get renewed.
Leaving aside the short term, Bitcoin’s mid term targets of $28.6k and $32.4k remain unchanged.