Bitcoin: $114 mln in old coins move, but bulls look unbothered

Key takeaways

Despite a recent dip, Bitcoin demand remains strong, with LTHs and accumulators continuing to buy. A rare move of 1,000 dormant BTC raised caution, but overall market conviction still leans bullish.

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Bitcoin [BTC] might be down, but it’s far from out.

Despite the recent dip, LTHs are loading up, and on-chain data shows steady demand from accumulator wallets.

Still, here’s a fresh twist — 1,000 dormant BTC, worth over $114 million, just moved for the first time in nearly a decade.

Is a sell-off coming, or is Bitcoin simply gathering strength for its next move up?

Strong Bitcoin demand despite dip

Even as Bitcoin’s price retreats, demand metrics remain surprisingly solid. While STHs face losses or sit on underwater positions, long-term players are buying more.

One key signal is the apparent demand ratio, which compares new BTC issuance to coins that haven’t moved in over a year.

It’s firmly in positive territory, with around 160,000 BTC accumulated over the last 30 days.

Another telling trend is that the accumulator addresses (wallets that have only ever bought, never sold) have added roughly 50,000 BTC in the past month.

Despite the fear, strong hands are holding the line.

Dormant BTC whale makes moves

In a rare move, 1,000 BTC — untouched for 7 to 10 years — just changed hands, worth roughly $114.4 million.

Such old coins, often linked to early adopters or long-lost wallets, tend to spark speculation whenever they move.

Could this be a prelude to a major sell-off? Possibly, but it’s worth noting that not all dormant coin movements lead to selling.

While the transfer creates a cautionary air, it hasn’t shaken the broader demand signals… at least for now.

Caution, not capitulation

The daily chart showed Bitcoin holding just above $114K after a sharp decline. Despite the bounce, the RSI hovered around 47.8, so the market wasn’t in oversold territory at press time.

The OBV, however, remained muted at 1.73M, and showed weak conviction behind recent buying. While the price attempted recovery, the lack of a strong volume surge may have limited upside potential.

Until OBV picks up and RSI trends firmly above 50, cautiousness is advised – Bitcoin may be stabilizing, but a full trend reversal isn’t perhaps confirmed yet.