After a couple of days of sideways trading, Bitcoin (BTC) price has given little to excite investors. BTC is remaining stable however it finds itself unable to break higher key resistance pivot levels and breakout to fresh highs. While there has been a major development in BTC ecosystem.
A dormant Bitcoin wallet has been revived after over a decade. Whale Alert, the crypto tracking service, said the wallet was first active 12.7 years ago. It held 100 BTC worth $605 in 2012. The wallet hasn’t been used since the Satoshi era.
Bitcoin Holders See Gains
The wallet has now been reactivated, Whale Alert confirmed. However, there is no record of a successful sale the wallet. The coins that are inside today are worth a whopping $6 million, a 994,495% increase in value. As of yet, nobody knows the exact reason it woke up, but speculating about whether the wallet’s owner will now cash out their fortune is becoming the new buzz phrase.
If the owner decided to sell, that is a life changing profit that they would lock into. Even if they don’t sell, this event is an important reminder of Bitcoin’s potential for exponential growth, especially in the long term for long term holders. Bitcoin’s resilience is evident by this huge rise in its value because of which a little patience in the cryptocurrency market can fetch huge benefits.
Bitcoin’s price, meanwhile, remained at $61,016, slipping 0.14% in the last 24 hours. Earlier, the price fell to $58,930, before it bounced back to its support level and was unable to dip further. Most interestingly, Bitcoin’s trading volume has also spiked, 9.38%, to currently $30.64 billion.
The increase in trading activity indicates that traders were important in keeping the price back on track after that brief downturn. As traders look to push BTC to new highs, now BTC’s now in a position to bounce off of this support zone from above, which could catalyze more potential upward movement.
