This movement of over 85,000 BTC is the highest since February 2024. In February, the BTC price was still below the previous all-time high (ATH) of $73,000.
This recent movement might trigger price movement, as it occurred in February before Bitcoin hit an ATH about two months later.
Despite the historical significance of miner activity, Santiment holds a different view. The platform emphasized that mining wallets have not strongly influenced Bitcoin’s price for much of 2024. This could mean that other market forces, such as whale action or institutional players, are playing a more dominant role.
Sentiment maintains that the extreme drop should be a “net-neutral” signal. That is, the development is neither bearish nor bullish.
As of this writing, Bitcoin price was trading for $99,091.99, a decrease of 4.27%. Bitcoin had dropped from its historic $100,000 psychological level in earlier trading. The world’s leading asset had dropped to a low of $94,035 before rebounding in the market.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
