Bitcoin's price fell below the key $108,000 mark amid the movement of long-dormant coins, causing market concerns and speculation.
Bitcoin Price Decline
On July 4, Bitcoin (BTC) declined by 1.6% and reached $107,564 on Bitstamp. This drop followed a rejection at the $110,000 level, raising concerns among traders.
Satoshi Nakamoto Rumors
The movement of almost 80,000 BTC that had not been used for over 14 years drew attention. Some traders, including CryptoBeast, began linking these transactions to Bitcoin creator Satoshi Nakamoto. While the data indicated activity from one 'whale', the market expressed concerns about a potential sale of old coins.
Risks for Future Price Growth
Analysts, such as Rekt Capital, pointed out risks for Bitcoin's bullish outlook as the current price breaks through key support levels. Experts noted that if Bitcoin remains above previous levels, it could positively impact its future.
The situation surrounding the movement of dormant coins, coupled with the rejection of the $110,000 level, creates unpredictability in the Bitcoin market that requires careful analysis.
