HBO's documentary on Bitcoin creator sparks controversy, claims Peter Todd is Satoshi Nakamoto. Explore 5 key implications for Bitcoin price?

Bitcoin (BTC) price has no directional bias today and continues to consolidate in a narrow range. If immediate support fails to hold, investors can expect BTC to fall to the downside. While much of BTC’s outlook can be attributed to macroeconomic policies and geopolitical tensions, part of the reason may be the release of HBO’s documentary on the creator of Bitcoin.

Investors should be aware that even many enthusiasts were disappointed with the conclusions of the HBO documentary about Satoshi Nakamoto. Peter Todd, the self-proclaimed creator of Bitcoin, even mocked the reporter, calling it “ridiculous.”

“I’ll admit, you’re pretty creative. You come up with some crazy theories,” Todd said. He further teased the reporter, “Yes, I’m Satoshi Nakamoto, and yes, I’m Craig Wright.”

Whoever Satoshi Nakamoto is, let’s explore 5 key impacts the release of HBO’s documentary on Bitcoin’s price.

Key influence on Bitcoin price HBO's documentary on the creator of Bitcoin

HBO’s documentary unveiled the mystery of Bitcoin’s creator, Satoshi Nakamoto, and had a profound, but short-lived impact on BTC and Bitcoin price predictions. Here are five key impacts:

BTC range-bound

Since HBO first announced the news on Oct. 5, the Bitcoin price has risen 4.20% in about two days, indicating a short-term spike in volatility. These gains were quickly given back in the following 48 hours. In addition, BTC has experienced tight consolidation over the past week.

BTC volatility plummets

Since October 4, BTC’s 30-day volatility has fallen by 72%, while weekly volatility has remained unchanged. However, over the past two days, 30-day and 7-day volatility have fallen by 8% and 16%, respectively. This decline coincides with the majority of the cryptocurrency market being disappointed with the conclusion of the HBO documentary that Peter Todd is Satoshi Nakamoto.

Bitcoin open interest remains subdued

The second effect is a decrease in open interest. Over the past week, open interest has hovered around 33 billion. This development suggests that market participants are lying low and are not interested in buying or selling BTC at current price levels.

Although the HBO documentary about the creator of Bitcoin has boosted buying pressure in the short term, the correction is likely to persist. As explained in a previous CoinGape article, if the BTC price breaks the $618,000 support level, it could trigger a 6% plunge to $572,000.

Whales sell 200,000 BTC

Since October 7, whales holding between 10,000 and 100,000 BTC have sold 200,000 BTC worth $12.4 billion. Typically, long-term holders tend to act as support levels, while short-term holders tend to panic sell. Therefore, this development of whales selling 200,000 BTC is extremely bearish.