Bitcoin [BTC] is entering an important phase.
Although BTC has been trading within a relatively tight range lately, the numbers are starting to look positive. Especially since whale activity has increased interest after a long-dormant wallet suddenly became active again.
Good days ahead for Bitcoin?
According to Alpharactal Multi-Timeframe Momentum data, pace across the daily, weekly and monthly time frames is no longer completely bearish.
The biggest change occurred in the 30-day period, which has already turned positive. At the time of writing, the weekly structure was also beginning to stabilize after months of weakness.
Last momentum recovery have mostly seen strong phases for BTC. This is critical, because sideways price action can hide changes beneath the surface.
Bitcoin, in turn, has not yet confirmed a breakthrough on the charts. However, an improvement in pace would mean lower selling pressure and a market potentially preparing for a bigger move.
A sleeping whale wakes up
Thanks to the improving momentum, there is a dormant period Bitcoin wallet from 2012 moved suddenly 500 BTC after 13 years of inactivity.
The coins were originally purchased for approximately $914 and are now worth approximately $40.6 million!
Importantly, the BTC has been moved to a new wallet and not directly to an exchange. So there’s no confirmed sign of a sale as it stands now. Similar whale awakenings have occurred more often since Bitcoin crossed the $100,000 mark.
Movement from old holding groups often becomes noticeable during major transitions. So these are phases that are closely watched by traders.
What is the status of the BTC price?
At the time of writing, BTC was down 0.74% on the charts to around $81.5K. The RSI was high at 64.85, with buyers setting the pace without making the market look unduly overheated.
At the same time, the CMF was positive at 0.04. The capital inflow has therefore not completely disappeared. This despite the recent consolidation.
Bitcoin may be cooling off, but it’s not a definitive turnaround yet. If buying pressure remains steady, BTC could continue to build itself up for another move higher!
Final summary
- Bitcoin Momentum has improved across multiple time frames.
- A sleeping whale moved 500 BTC worth $40.6 million after 13 years, bringing more attention to the market.