According to cryptonews: the price of Bitcoin has undergone a significant recovery, seeing a notable rise of over $1.800 from the critical support of $25.000.
This uptrend has sparked speculation about the sudden action of influential market participants known as “whales” who may be taking advantage of the price drop to accumulate Bitcoin.
Over $1.2 Million Worth of BTC Transferred After 13 Years of Inactivity
In a significant development, over $1.2 million worth of Bitcoins that had been dormant for over 13 years were suddenly moved. According to blockchain data, a whale moved 50 BTC to another wallet on Thursday.
Just days later, another long-term investor or investors moved $11 million worth of the digital asset after 11 years of inactivity.
These movements of long-dormant Bitcoin raise questions about the motives behind the transfers.
Moreover, an increased interest and trading activity resulting from these movements can influence the dynamics of supply and demand, potentially impacting the overall price of Bitcoin in the short term.
Bitcoin Price Prediction
Bitcoin is gaining bullish momentum after breaking through the $26.800 level. Technically, if we observe the four hour time frame, Bitcoin has broken through the significant resistance of $26.000. A close above the $26.200 level shows that bull market sentiment is dominating.
Furthermore, Bitcoin hit a high around $26.800 and experienced a minor downside correction, finding support at the previously tested resistance of $26.250, which is currently acting as a Support level. So, BTC is likely to continue its uptrend, targeting the next resistance at $27.100 and maybe more.
**This is a personal opinion, be careful when you decide to invest.