- Bitcoin reserves on exchanges hit lowest level at 2.3 million.
- Price nears $120K while supply tightens, indicating bullish trend.
- Dormant wallets from 2010 transferred $29.6M worth of BTC today.
Five dormant Bitcoin wallets, each inactive for over 15 years, have moved 250 BTC. Spot On Chain data show that five Bitcoin miner wallets, originally active in April 2010, have suddenly transferred a combined 250 BTC.Â
These wallets, each holding exactly 50 BTC, moved their funds to two newly created addresses: (bc1qng) and (bc1q6n). The assets are currently valued at around $29.6 million.
Each coin originated from the early Bitcoin mining era, when mining was done using personal computers. The transfers were executed within the same hour, raising speculation around the motivation, whether for liquidation, cold storage, or redistribution.Â
Analysts noted that such “diamond hands” activity often sparks broader attention, especially amid current market volatility.
Bitcoin Exchange Reserves Plunge as Price Hits $118.6K
CryptoQuant data indicates that Bitcoin reserves on all centralized exchanges have dropped to a new all-time low of around 2.3 million BTC. This decline suggests a continued withdrawal of assets from trading platforms, which typically points to reduced selling pressure.
Simultaneously, Bitcoin’s price surged to $118,600, marking a strong upward trajectory in recent sessions. Analysts cite the imbalance between declining supply and rising demand as a potential catalyst for future price escalation.Â
BTC Faces Technical Resistance as Traders Eye Breakout
At the time of writing, Bitcoin is trading at $118,526, confronting a descending trendline resistance formed over the past two weeks. The asset remains within a tightening price range, supported by strong demand between $116,000 and $116,500, as identified by previous bounce levels and a green demand zone.
Technical indicators show Bitcoin is currently within the Ichimoku cloud, often signaling market indecision. A confirmed breakout above the descending trendline could open a path toward $120,000, while a failure to hold below the $116,000 support zone might lead to a drop toward $114,000.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
