Bitcoin “dormant” for more than 7 years moved just before BTC price fell 5%

Bitcoin (BTC) dipped around $3,000 on the morning of April 1 as a widely predicted pullback appeared to accompany new moves by large investors.

As the Whale Shadows indicator shows, on March 29, over 11,000 BTC suddenly left her wallet after sitting there for almost a decade.

Dormant coins echo December 2017

Whale Shadows, coined by analyst Philip Swift, tracks coins that are becoming active again after spending a significant amount of time out of circulation.

Tailored to only record when 100 BTC or more leaves its long-term wallet, spikes in the metric have previously coincided with what Swift calls “big highs” in price.

“Yesterday there was a significant movement on the chain, with +10,000 BTC not moving for the last 7-10 years finally moving,” he noted on Thursday.

The surge in this age group, described as coins dormant for 7-9 years on Swift’s analytics site, LookIntoBitcoin, is one of the two largest 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 remain unbeaten for three years.

However, when discussing the data on Twitter, opinions on the significance of the recent event differed significantly.

ℹ️ The massive amount of hibernation enabled #BTC in the previous posts are possibly linked #cryptsia hack/theft.

— Whale Alert (@whale_alert) March 29, 2022

Swift argued that the funds involved were likely linked to a 2014 hack of cryptocurrency exchange Cryptsy, while others disagreed.

Popular user Nunya Bizniz further noted that the surge occurred after Bitcoin’s descent from its recent all-time highs of $69,000, not before.

Past 3 moved ahead of major corrections.

Why do you think this move comes about as a significant correction?

– Nunya Bizniz (@Pladizow) March 31, 2022

Bitcoin Cannot Escape The Ides Of March

As Cointelegraph reported, appetites were pinned on Bitcoin declining after hitting its 2022 highs, gaining as much as 29.4% between its March lows and highs.

Related: Bitcoin has just regained a key price trendline after its longest absence since March 2020

Nevertheless popular trader Pentoshi still entertaining the potential for a $50,000 trip next.

However, the outlook for Crypto Ed was less rosy. After failing to hold its support zone around $45,000, in addition to the annual opens of $46,200, Bitcoin now faced a deeper retracement and re-entry into its established trading range.

If the green box doesn’t hold, #BTC performs a full trace back to the previous pump.

Just like any other pump in the current cycle… back into demand zone and bounce. pic.twitter.com/ovGwuJrBSR

— Ed_NL (@Crypto_Ed_NL) March 31, 2022

Earlier, whales on the Bitfinex exchange caught the market’s attention with a sell-off wall near current spot prices, which bulls nonetheless managed to temporarily overcome.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.