The Bitcoin market has encountered a new wave of volatility as major wallets, inactive for over 14 years, have begun to make transactions.
Old Wallet Movements
Recent data indicates that some of the largest wallets that had been dormant for over 14 years started moving significant amounts of Bitcoin. In total, over $5.4 billion worth of Bitcoin was transferred out of these old wallets in just a few hours.
Current Market Situation
Two days ago, the price of Bitcoin (BTC) managed to break out of the lower boundary that it had been stuck in since early May. This breakout excited bulls who were hoping for a long-awaited rally. However, the quick return of the price below the upper line of the channel raised concerns about a potential false breakout. Currently, Bitcoin is trading below the upper boundary of the descending channel again.
Bitcoin Price Outlook
The movements of major wallets could lead to panic in the market. If investors see this as a reason to sell, Bitcoin's price may experience a sharp drop over the weekend. However, if there is support from retail investors or major players, the price could remain above the key support level.
The next few days will be crucial for Bitcoin's price movements. It will be interesting to see how the market reacts to these significant movements of old coins.
