Bitcoin price was trading with a commendable stability yesterday. The coin sharply declined from $9800 to see more downside vulnerability at $9400 after 15:00 UTC.
This price loss was suspected of taking place because of rapid sell-off. The market was not ready to face such an unexpected mass-selling activity; Recently, an address that was inactive for 11 years moved a chunk of 50 Bitcoins.
These Bitcoins are worth (approx.) $486,000 at present, and the question which kept Twiteratties awake was: was it really Satoshi Nakamoto? The coins which have been moved were mined in the first month of Bitcoin‘s inception, which is way back from now.
🚨🚨🚨A #Bitcoin UTXO older than 11 years was just spent on-chain!
It dates from February 9th 2009 – only one month after the creation of Bitcoin. pic.twitter.com/IILxvYWZLW
— glassnode (@glassnode) May 20, 2020
Exactly after crypto believers started reacting to this, BTC price dropped significantly. The coin saw the selling sentiment getting triggered quickly. All in all, an ample recovery of Bitcoin, and eventually, the market still doesn’t seem imminent.
Bitcoin Price Analysis
The 4-hourly chart clearly shows how the BTC is already up as compared to where it was a month ago. The coin remained bullish in the first week of this month, too; however, since the 2nd week, the higher high pattern has been halted by bears.
The previous week had seen the Bitcoin price dipping even below $8800. The support level was found between the 0% and 38.20% fib level. And now, BTC is resting above the 61.80% fib level with a mild bearish vibe in it. Notably, the coin is still above the 200-day EMA line.
It was in 2017 when the Bitcoin succeeded in knocking its highest price mark. Since then, the coin has depicted a steady decline. Meanwhile, comparatively short-term investors had tried to book profits when the coin went well above $10,000 last year.
Bitcoin is again approaching the $10,000 price level, but hurdles are still not leaving the coin. However, the way the coin has formed a bullish breakout above the declining pattern while holding a positively moving MACD. BTC/USD is only a breakout away from a bull-run above $10,000.