Bitcoin Dormant Activity Hints at a Market Bottom 📉
The Bitcoin (BTC) market has noted a significant uptick in the activity of long-term holders recently.
On Thursday morning, the ‘age consumed’ metric saw a remarkable surge, indicating renewed activity among investors holding coins for an extended period.
According to Santiment, the metric spiked to 34.16 million, the highest since August 5, signaling a potential market trend shift.
This activity led to a modest 1% increase in Bitcoin's price over the past 24 hours. This might indicate a local bottom, although further confirmation is needed.
Significant transfers were noted, including 7,788 coins aged 1-3 months, 75,228 coins aged 3-6 months, and more, suggesting varied distribution among different holder cohorts.
A Cryptoquant analyst highlighted the potential negative impact of these movements, often leading to selling pressure.
Currently, Bitcoin is trading below its 20-day EMA at $59,640, pointing to increased selling pressure. If Bitcoin breaks above this level, it might rally above $60,000.
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