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Bitcoin price is notorious for its inactivity on the weekends and it didn't disappoint over the past day either. The leading cryptocurrency continues to hover across the psychological mark of $90,000 with no significant movements observed within the last 24 hours.
While Bitcoin price motion – or lack thereof – has lulled most investors to sleep, one particular market participant has just woken up from his slumber. According to the newest on-chain data, a Satoshi-era miner just moved a major amount of Bitcoin over the weekend.
Satoshi-era miner moves 2,000 BTC on Saturday
In a post on the social media platform
Satoshi-era miners confer with firms that mined BTC in earlier years, typically between 2009 and 2011, when the flagship cryptocurrency's pseudonymous creator, Satoshi Nakamoto, was still energetic. At the time, mining BTC was a less competitive sport (may very well be done with a consumer CPU) and got here with greater rewards.
Source: @jjc_moreno on X
Moreno identified that historically, Satoshi-era miners only ever moved their coins at key turning points. In November 2024, when the last miner on this group made a transaction, the worth of Bitcoin was around $91,000.
Since then, the leading cryptocurrency has made several all-time highs before reaching the present cycle high of $126,080. While it’s difficult to say what the Satoshi-era miner saw before his final move, these coin moves are too relevant to disregard resulting from their pattern-like nature.
Why Bitcoin Investors Should Watch $84,500
As mentioned earlier, indecision appears to be returning to the Bitcoin market because the bulls and bears proceed their battle towards the $90,000 mark. While this region has gained prominence in recent weeks, recent on-chain data has identified one other crucial layer beneath it.
According to Joao Wedson, CEO and founding father of Alphractal, this level is Bitcoin's 2-year moving average (2Y MA). The on-chain expert emphasized that this level represents the last major support cushion for the market leader.
From a historical perspective, the lack of the 2-year MA, currently at around $84,500, could significantly increase the likelihood of capitulation. Essentially, the leading cryptocurrency is liable to a sustained bearish move once it breaks below $84,500.
As of this writing, the worth of BTC is around $90,435, reflecting no change within the last 24 hours.
The price of BTC within the day by day time-frame | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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