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- Bitcoin’s recent surge past $64K has been shadowed by the activation of a dormant whale wallet containing 687 BTC, valued at over $43 million.
- The dormant whale, inactive for over a decade, made two substantial transfers to unknown wallets, raising concerns of a potential selloff.
- Despite Bitcoin’s successful rebound, traders remain cautious due to overbought signals and potential trend reversal indicators.
Bitcoin’s surge past $64K triggers caution among traders due to overbought signals and potential trend reversal indicators. The activation of a dormant whale wallet containing 687 BTC, valued at over $43 million, raises concerns of a potential selloff.
Dormant Whale Wallet Activation Raises Concerns
Bitcoin soared above the $64,000 threshold today, setting a momentous achievement in its current run-up. The resurgence in Bitcoin’s price was accompanied by a noteworthy event – the activation of a dormant wallet containing 687 BTC, valued at over $43 million as per Whale Alert data. This dormant Bitcoin whale, inactive for over a decade, made two substantial transfers to unknown wallets on Monday, totaling nearly $44 million. The sudden transfer has raised concerns among investors regarding a potential selloff, which could adversely affect Bitcoin’s price amidst its ongoing recovery.
Bitcoin’s Surge Triggers Caution Among Traders
Despite Bitcoin’s successful rebound past $64,000, traders remain cautious as indicators suggest a potential reversal in the near future. The one-day stochastic RSI trading above the signal line indicates that Bitcoin is currently overbought, signaling a possible downturn. Moreover, the one-day MACD trading above the signal line suggests strong bearish momentum in the short term, with potential for further downward movement. Traders are advised to monitor for a crossover below the signal line, which could indicate a trend reversal.
Shorts Dominate Liquidations as Bitcoin Rebounds
Shorts accounted for nearly 95% of total liquidations, according to Coinglass, although the impact of the short squeeze may be limited compared to recent days. This keeps the market dynamics uncertain and traders on their toes.
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Conclusion
The activation of a dormant whale wallet and the potential for a major selloff has cast a shadow over Bitcoin’s recent surge past $64K. Traders remain cautious due to overbought signals and potential trend reversal indicators. While the market dynamics remain uncertain, it is crucial for investors to stay informed and vigilant in the volatile crypto market.
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