{"id":569787,"date":"2024-01-16T13:00:06","date_gmt":"2024-01-16T13:00:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=569787"},"modified":"2024-06-11T11:19:23","modified_gmt":"2024-06-11T11:19:23","slug":"bitcoin-large-whales-old-coins","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-large-whales-old-coins\/","title":{"rendered":"Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins"},"content":{"rendered":"

There may finally be light at the end of the tunnel for the Bitcoin price<\/a> as selling has begun to subside for the cryptocurrency. So far, it seems that the large holders have been the main driving force behind the price decline, which could explain why the rally has been suppressed for so long. However, as these large investors start to scale back their selling, the Bitcoin price could be looking at another recovery.<\/p>\n

Bitcoin Whales Stop Selling Old BTC<\/h2>\n

According to a report<\/a> posted by Santiment, the reason for the suppressed Bitcoin price over the last week could be traced back to large Bitcoin holders. These holders who have a massive stash of old coins, which means coins that have not moved in a long time, had begun to move their coins after the price of BTC<\/a> found its legs due to anticipation around the Spot ETF approvals<\/a>.<\/p>\n

Related Reading: Crypto Analyst Says A Solana Price Will Climb To $750, Here\u2019s When<\/a><\/div>\n

Once these whales began to move these coins, there was a definite drop in the asset\u2019s price that can be linked back to this move. As these whales moved these coins out of their wallets, the age of their BTC holdings went down, suggesting that they were selling these older coins.<\/p>\n

On average, the age of their holdings went from around 640 days to around 624 days in the days following the Spot ETF approvals<\/a> by the SEC. The on-chain tracker suggests that this was a sign that the market was back in the bull market.<\/p>\n

However, after around a week of doing this, these whales seem to have come to a point where they are no longer moving coins. \u201cThere are mild signs that this continued movement of older coins is finally done for the time being,\u201d Santiment said.<\/p>\n

Now, while Santiment interprets this as a sign that the bull cycle may be over, there is also the possibility that these whales have stopped moving their coins in a bid to wait for the price to recover. In this case, selling pressure will recede, allowing Bitcoin the space to regain its footing<\/a> once more.<\/p>\n

\"Bitcoin<\/p>\n

BTC bulls fight to break $43,000 resistance | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
BTC Struggles With $43,000 Resistance<\/h2>\n
The Bitcoin price is currently struggling with the resistance mounting at $43,000<\/a>. Since the crash last week, bulls have continued to lag behind as bears have chosen this level to pitch their tents. The sell pressure also seems to be localized at this point, so it has become the next important level to beat.<\/p>\n
Related Reading: Ethereum Bloodbath Incoming? Celsius\u2019 $125 Million Move Threatens ETH Price<\/a><\/div>\n
If Bitcoin is able to surmount the $43,000 resistance, it could signal a return of the rally. At this point, $45,000 becomes the next major resistance as investors flock back in. However, failure to turn $43,000 into support could result in a further decline in the price.<\/p>\n
Featured image from Leadership News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
There may finally be light at the end of the tunnel for the Bitcoin price as selling has begun to subside for the cryptocurrency. So far, it seems that the large holders have been the main driving force behind the price decline, which could explain why the rally has been suppressed for so long. However, as these large investors start to scale back their selling, the Bitcoin price could be looking at another recovery. Bitcoin Whales Stop Selling Old BTC According to a report posted by Santiment, the reason for the suppressed Bitcoin price over the last week could be traced back to large Bitcoin holders. These holders who have a massive stash of old coins, which means coins that have not moved in a long time, had begun to move their coins after the price of BTC found its legs due to anticipation around the Spot ETF approvals. Related Reading: Crypto Analyst Says A Solana Price Will Climb To $750, Here\u2019s When Once these whales began to move these coins, there was a definite drop in the asset\u2019s price that can be linked back to this move. As these whales moved these coins out of their wallets, the age of their BTC holdings went down, suggesting that they were selling these older coins. On average, the age of their holdings went from around 640 days to around 624 days in the days following the Spot ETF approvals by the SEC. The on-chain tracker suggests that this was a sign that the market was back in the bull market. However, after around a week of doing this, these whales seem to have come to a point where they are no longer moving coins. \u201cThere are mild signs that this continued movement of older coins is finally done for the time being,\u201d Santiment said. Now, while Santiment interprets this as a sign that the bull cycle may be over, there is also the possibility that these whales have stopped moving their coins in a bid to wait for the price to recover. In this case, selling pressure will recede, allowing Bitcoin the space to regain its footing once more. BTC bulls fight to break $43,000 resistance | Source: BTCUSD on Tradingview.com BTC Struggles With $43,000 Resistance The Bitcoin price is currently struggling with the resistance mounting at $43,000. Since the crash last week, bulls have continued to lag behind as bears have chosen this level to pitch their tents. The sell pressure also seems to be localized at this point, so it has become the next important level to beat. Related Reading: Ethereum Bloodbath Incoming? Celsius\u2019 $125 Million Move Threatens ETH Price If Bitcoin is able to surmount the $43,000 resistance, it could signal a return of the rally. At this point, $45,000 becomes the next major resistance as investors flock back in. However, failure to turn $43,000 into support could result in a further decline in the price. Featured image from Leadership News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":569793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,19064,1119,89185,1122,17066,1144,78790,89615,14781],"class_list":["post-569787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-whales","tag-btc","tag-btc-news","tag-btc-price","tag-btc-price-prediction","tag-btcusd","tag-btcusdt","tag-whale-news","tag-whales"],"acf":[],"yoast_head":"\nBitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins<\/title>\n<meta name=\"description\" content=\"There may finally be light at the end of the tunnel for the Bitcoin price as selling has begun to subside for the cryptocurrency.\" \/>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins","url":"http:\/\/uniquehot.com\/news\/bitcoin-large-whales-old-coins\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-large-whales-old-coins\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.jpeg?fit=679%2C451"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin whales","btc","btc news","btc price","btc price prediction","btcusd","btcusdt","whale news","whales"],"dateCreated":"2024-01-16T13:00:06Z","datePublished":"2024-01-16T13:00:06Z","dateModified":"2024-06-11T11:19:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-large-whales-old-coins\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-large-whales-old-coins\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-8.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-8.jpeg?fit=679%2C451\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin whales\",\"btc\",\"btc news\",\"btc price\",\"btc price prediction\",\"btcusd\",\"btcusdt\",\"whale news\",\"whales\"],\"dateCreated\":\"2024-01-16T13:00:06Z\",\"datePublished\":\"2024-01-16T13:00:06Z\",\"dateModified\":\"2024-06-11T11:19:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-8.jpeg?fit=679%2C451","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/569787"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=569787"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/569787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/569793"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=569787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=569787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=569787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}