- A whale address that has been dormant for 11 years has suddenly moved its 1,037.42 BTC (worth $30 million) to a new address.
- Bitcoin’s Long-Term Holder Supply (LTH supply) has reached an all-time high of 14.52 million BTC, which is equivalent to about 75% of the circulating supply.
- Bitcoin’s Last Active Supply (LAS) in at least 5 years has also reached an all-time high of 29.126%.
- Bitcoin is currently consolidating between $29,500 and $30,000.
- Bitcoin may be headed for massive volatility in the near future.
The internet and social media platforms are now abuzz with the latest news on Bitcoin.
The flagship cryptocurrency may be headed for a massive volatility surge over the coming weeks, and everyone is gearing up.
According to recent reports, large amounts of dormant BTC are awakening, Bitcoin’s inflow transactions are surging, and the mother cryptocurrency’s long-term holder supply is now at its all-time high.
Is BTC preparing for a massive price explosion? Is now the time to keep watch? What do the whales know that we don’t?
Stick around and find out.
11-Year Dormant Bitcoin Mysteriously Reawakens, LookOnChain Says
According to a recent tweet from the blockchain tracking and analytics platform, LookOnChain:
A whale address that has been “dead” for 11 long years has unexpectedly resurfaced. According to LookOnChain’s tweet, this whale address moved all of the 1,037.42 BTC it contained (about $30 million) to a new address “bc1qtl.”
LookOnChain states that this 30 million dollar transaction is the first transaction this particular address has performed since 11 April 2012, when it first bought 1037.42 Bitcoin at a meagre price of $4.92.
This “small” BTC stash that would’ve been worth about $5,000 in 2022 has surged by more than a staggering 600,000%, from ~$5000 to 30 million dollars.
If a whale ignored the rise of their crypto from under $5 to about $69,000 and has suddenly “decided” to move their coins after 11 years of dormancy, then this may be the perfect time to keep an eye on the market’s movements.
Bitcoin Long-Term Holder Supply Hits ATH, Glassnode
Glassnode, another on-chain data analytics platform, has drawn attention to another key metric of Bitcoin.
In a recent tweet, the crypto tracker mentioned that Long-Term Holder Supply on BTC has reached a new ATH.
This ATH represents a figure of 14.52 million BTC and is equivalent to about 75% of the circulating supply.
According to Glassnode, the surge in this metric suggests that more investors are HODLing, and there may be something huge on the way for the cryptocurrency.
Bitcoin’s Last Active Supply Continues To Rise
Glassnode had more to say about BTC.
In another tweet, the platform mentioned that Bitcoin’s last active supply in at least five years has reached an all-time high.
According to this tweet, Glassnode mentioned that this metric has hit a new high of 29.126%, and is now at the highest rate ever recorded.
In detail, this metric’s readings may be showing that long-term holders have overshadowed short-term holders, and the general holders of Bitcoin may be getting more confident.
According to the relationships between demand and supply, this may be a good thing for Bitcoin. The more people refuse to sell their BTC, the more scarce the cryptocurrency gets. And the scarcer Bitcoin gets, the greater its chances of rising in price.
In another tweet, Glassnode also mentioned that BTC’s Block Height just went above 800,000. this shows how well Bitcoin is doing both on and off-chain and is one of the many factors that contribute to investor optimism.
Bitcoin May Be Headed For Massive Volatility
Since plunging below $31,804 on July 14, BTC has spent the last two weeks consolidating between $29,500 and $30,000.
The bears have prevented the cryptocurrency from breaking out above $30,000 again. BTC is now changing hands at about $29,746 per coin.
In fact, in a tweet from CoinGlass this week, more than 50,000 BTC trades have been liquidated.
CoinGlass data also shows that the total amount of liquidations in the last 24 hours, now amounts to about $147.17 million as Bitcoin sank further down to $29,064.
BTC, according to CoinMarketCap, has now taken a 4% beating over the last week, and a 3% dip over the last 24 hours.
However, according to this tweet from Glassnode, only 484 out of 114055 trading hours have recorded a tighter BTC 30d price range over the last 30 days.
This, according to the analytics platform, suggests that massive and severe volatility may be underway.
Bitcoin may surge very soon in either direction and now may be the time to be vigilant.
Bitcoin’s Technical Analysis
Most BTC investors bought the cryptocurrency at a price between $30,693 and $44,094 (likely in 2021).
IntoTheBlock data even shows that about 5.1 million addresses bought a total of 2.1 million BTC in this area.
This means that this is the BTC hotspot, and everyone should keep their eyes peeled.
This may explain BTC’s inability to break through the $30,000 zone properly. In the charts, the cryptocurrency appears to be on the verge of a price correction and is only being held up by the $29,000 price level.
The cryptocurrency has broken through its 50-day moving average and now appears to be targeting a dip to the bottom of the ascending trendline as pictured above.
Bitcoin has also broken far below its RSI’s neutral band, as well as the lower Bollinger band on the daily timeframe.
This indicates a high amount of volatility and that the bears may now be in control of the market.
Further decline would take BTC straight down into a retest of the trendline around $25,900. This would leave the bulls and bears to decide on whether Bitcoin bounces, or whether it crashes through and falls dangerously close to $21,400 again.
However, it is likely that a breakout occurs, the next time BTC encounters the $30,000 zone.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.