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On-chain data has revealed an interesting development for Bitcoin (BTC). Whale tracking service Whale Alert has tweeted that a dormant BTC wallet has been reactivated after 10.3 years of inactivity. This is a crucial development as it reveals insightful aspects about the market.
The address in question contains 18 BTC, which were acquired almost a decade ago. It was worth around $9,204 in 2014. As the wallet has been reactivated, the 18 BTC are estimated to be valued at $1.091 million based on the current BTC price.
It should be noted that dormant wallets like this one belong to early adoptions of Bitcoin, the leading crypto in the industry in terms of market capitalization. These holders either mined BTC or purchased it when it was still in its early stages.
These individuals are an important part of the community as they were one of the first ones to support the Bitcoin vision. The reactivation of these wallets creates buzz as the community wonders about the identity of the individual and the reasons behind their reactivation.
The community speculates whether they are selling their holdings or moving them for strategic reasons. However, it is likely that the identity of the whale and their motives will remain unknown. But the timing of this on-chain transaction is important as BTC is making positive moves today.
Bitcoin price action
As of writing this story, BTC is trading at $59,463 after a jump of 1.55% over the last 24 hours. While this is not a huge price jump, it is still appreciated in the community as Bitcoin has been moving sideways in the past few weeks. The broader crypto market has not shown any positive price action.
Today’s BTC price jump is eventually seen as the start of a major rebound. Bitcoin has been facing rejection at the $61,000 price level, so it will be good to see if it manages to clear this level this time. While another rejection could likely result in another price dip, clearing this level can result in a major Bitcoin rally.
