Bitcoin trading volume has increased by 2% in the past 24 hours.
A dormant wallet that has been inactive for six years has transferred Bitcoin worth $61 million.
Since mid-June, the largest cryptocurrency Bitcoin has been under bearish pressure, falling below $58,500 amidst strong selling pressure. However, in the past 24 hours, Bitcoin has shown signs of recovery with a 2% price increase, accompanied by similar growth in trading volume. This recovery coincides with intense debates between President Biden and former President Trump, hinting at a cryptocurrency discussion that ultimately did not materialize.
Meanwhile, major players in Bitcoin are involved in significant transactions, and dormant wallets are becoming active. Notably, a wallet dormant for six years deposited 1,000 Bitcoin (approximately $615,500) into Coinbase Prime four hours ago. Additionally, 9,500 Bitcoin (approximately $587.1 million) was transferred between unknown wallets nine hours ago.
Furthermore, yesterday, a miner’s wallet dormant for 14 years deposited 50 Bitcoin (approximately $3.05 million) into Binance. The miner acquired these 50 Bitcoin through mining on July 14, 2010.
Accumulation Trends and Market Sentiment
Research indicates that whales have been steadily accumulating Bitcoin since early 2023, following a sharp sell-off at the end of 2022. Such stable accumulation often precedes price rebounds. Data shows that holders controlling at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 Bitcoin, valued at approximately $436 million, in a single day.
Data from IntoTheBlock shows that on June 24th, despite a brief drop in Bitcoin prices below $60,000, there was a significant increase in net inflows. Large holders took advantage of this low point to increase their wallets by 7,130 Bitcoin, marking their highest net inflow since late May.
Despite these dynamics, Bitcoin’s price has yet to break through its first resistance level at $62,000. The daily RSI (Relative Strength Index) stands at 35, indicating sustained selling pressure.
