A recent transfer of 80,000 BTC from an ancient wallet has sparked interest in the crypto community and raised questions about market impact.
Major Transfer: Transaction Details
According to analytics by Spotonchain, a total of 80,000 BTC from an old wallet were moved between July 15 and 18, amounting to approximately $9.54 billion. These coins, which had remained dormant for a long time, were transferred at an average price of about $118,950.
Current Market Conditions for Bitcoin
Bitcoin is currently trading in the range of $115K - $121K, facing resistance around $125K. If the price breaks this level, it could aim for $131K, representing a potential growth of about 9% from its recent position.
Potential Consequences for Bitcoin Prices
The transfer of 80,000 BTC by an ancient whale could create notable selling pressure in the market. However, historical data suggests that Bitcoin often withstands significant movements without major long-term impacts. Ongoing observation is needed to assess how this large transfer will influence market dynamics.
The movement of a large amount of BTC underscores the importance of monitoring market changes. How Bitcoin responds to this pressure remains an open question for analysts.
