2024

Bitcoin

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Old Bitcoin

Analyst claims that one of the main reasons behind Bitcoin’s recent downturn was movements from dormant addresses. 
According to the CryptoQuant analyst, over 52,000 Bitcoins (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), held for less than three months, have been moved on-chain over the past three days. In addition, 75,228 coins aged between three and six months have also been moved. 
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 Wallet movements led to selling “On August 29th, we observed the transfer of 23,345 bitcoins aged 1w-1m, 1,220 bitcoins aged 6m-12m, and 16,003 bitcoins aged 5y-7y.” – By <a href="https://twitter.com/XBTManager?ref_src=twsrc%5Etfw" target="_blank" rel="">@XBTManager</a> Full post 👇<a href="https://t.co/T9kLlgbcLv" target="_blank" rel="">https://t.co/T9kLlgbcLv</a> <a href="https://t.co/BYLvXCcFEw" target="_blank" rel="">pic.twitter.com/BYLvXCcFEw</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1829091873660563571?ref_src=twsrc%5Etfw" target="_blank" rel="">August 29, 2024</a>
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These assets belong to short-term and mid-term holders. Per CryptoQuant’s data, 2,834 BTC tokens that have been dormant between six months and two years started making movements on-chain. 
As the price continues to consolidate below the $60,000 mark, data shows that 16,003 Bitcoins aged five to seven years have entered the market. 
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The analyst claims these movements have been contributing to the market-wide bearish sentiment and “need to stop.”&nbsp; 
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 “When bitcoins that have remained dormant for a long time are moved, it’s usually in preparation for something, and you may see them used for selling.” <cite>CryptoQuant analyst wrote.</cite>
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While Bitcoin’s funding rate <a href="https://crypto.news/bitcoins-funding-rate-shows-potential-rebound-on-the-way/" target="_blank" rel="noreferrer noopener">hints at a potential rebound</a> for the asset’s price, the increased amount of dormant circulation could still trigger a further price drop. 
Bitcoin is down by 0.2% in the past 24 hours and is trading at $59,750 at the time of writing. The asset’s market cap is currently sitting at $1.17 trillion with a daily trading volume of $33 billion. 
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 BTC price and RSI – Aug. 29 | Source: <a href="https://crypto.news/price/bitcoin/">crypto.news</a>
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The BTC Relative Strength Index is still hovering at the 46 mark, according to data from crypto.news price page. The indicator shows that <a href="https://crypto.news/binance-saw-3-7b-worth-of-btc-eth-leave-in-30-days/" target="_blank" rel="noreferrer noopener">Bitcoin</a> is oversold at this price point but is getting close to the neutral zone as the price roams near the $60,000 mark. 
 Read more: <a href="https://crypto.news/whats-happening-around-the-durovs-arrest/"> Guilty, or not? What’s happening around the Durov’s arrest </a>

Analyst: Old Bitcoin movements should stop to help price surge

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