Bitcoin (BTC) plunged $3,000 on the morning of April 1 as a widely predicted pullback appeared to accompany the new moves of major investors.
As revealed by the Whale Shadows indicator, more than 11,000 BTC suddenly left his wallet on March 29, after being there for the better part of a decade.
Sleeping Coins Echo December 2017
Whale ShadowsConceived by analyst Philip Swift, it tracks coins that become active again after being out of circulation for a significant amount of time.
Tuned to only withdraw when 100 BTC or more leave their long-term wallet, spikes in the stat have previously coincided with what Swift claims are “big highs” in price.
“There was significant movement in the chain yesterday, with +10k BTC not moving for the past 7-10 years,” he noted on Thursday.
The spike in that age bracket, described as 7-9 years of dormant coins on Swift’s analytics site LookIntoBitcoin, is one of the two biggest ever in Bitcoin history.
The only other time ancient coins moved on such a scale was in December 2017, when BTC/USD hit an all-time high that would go unbeaten for three years.
Bitcoin Whale Shadows Chart. Source: LookIntoBitcoin
However, when discussing the data on Twitter, opinions differed considerably about the significance of the latest event.
— Whale Alert (@whale_alert) March 29, 2022
Swift argued that the funds involved were likely related to a 2014 hack of cryptocurrency exchange Cryptsy, while others disagreed.
Popular user Nunya Bizniz further noted that the spike had occurred after Bitcoin’s comedown from its latest $69,000 all-time highs, not before.
Past 3 moved prior to substantial corrections.
Why do you think this movement occurs after a substantial correction?
— Nunya Bizniz (@Pladizow) March 31, 2022
Bitcoin is not escaping the Ides of March
As Coin-Crypto reported, Bitcoin was eager to bounce back after hitting its 2022 highs, gaining a whopping 29.4% between the March lows and highs.
Related: Bitcoin Just Regained a Major Price Trendline After the Longest Absence Since March 2020
Co-popular trader Pentoshi yet still entertained the potential for a trip of over $50,000 next.
However, for Crypto Ed, the outlook was less rosy. After failing to keep its support zone around $45,000 in addition to the $46,200 annual open, Bitcoin now faced a deeper retracement and return to its established trading range.
In case the green box doesn’t hold, #BTC will perform a full runback of the previous pump.
Just like any other pump in the current cycle…back to demand zone and bounce. pic.twitter.com/ovGwuJrBSR
— Ed_NL (@Crypto_Ed_NL) March 31, 2022
Previously, whales on Bitfinex on the exchange had captured the market’s attention with a selling wall near current spot prices, one that bulls nevertheless managed to temporarily overcome.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.