Bitcoin [BTC] is entering an important phase.
While BTC has traded in a relatively tight range lately, the numbers are starting to look positive. Especially since whale activity has added interest after a long-dormant wallet suddenly became active again.
Good days ahead for Bitcoin?
According to Alphractal’s Multi-Timeframe Momentum data, pace across the daily, weekly, and monthly timeframes is no longer fully bearish.
The biggest change appeared in the 30-day window, which has already turned positive. At the time of writing, the weekly structure was beginning to stabilize after months of weakness too.
Previous momentum recoveries have mostly come with strong phases for BTC. This is critical, because sideways price action can hide changes happening under the surface.
For its part, Bitcoin has not yet confirmed a breakout on the charts. However, improving pace would mean lower selling pressure and a market that might be preparing for a bigger move.
A dormant whale wakes up
On the back of momentum improving, a dormant Bitcoin wallet dating back to 2012 suddenly moved 500 BTC after 13 years of inactivity.
The coins were originally acquired for roughly $914 and are now worth around $40.6 million!
Importantly, the BTC was moved to a new wallet and not directly to an exchange. So, there’s no confirmed sign of selling as it stands. Similar whale awakenings have taken place more often since Bitcoin crossed the $100K-mark.
Movement from old holder groups often becomes noticeable during major transitions. Thus, these are phases that are closely watched by traders.
How is BTC’s price doing?
At press time, BTC slipped by 0.74% on the charts to around $81.5K. The RSI was high at 64.85, with buyers controlling the pace without making the market look excessively overheated.
At the same time, the CMF was positive at 0.04. So, capital inflows have not fully faded yet. This, despite the recent consolidation.
Bitcoin might be cooling-off, but it’s not a definite reversal yet. If buying pressure stays steady, BTC could continue building itself up for another leg higher!
Final Summary
- Bitcoin momentum has improved across multiple timeframes.
- A dormant whale moved 500 BTC worth $40.6M after 13 years, lending more attention to the market.