7 Dormant Bitcoin Whale Wallets Become Active As BTC Tops $60K, What’s Next?

Against the backdrop of a bullish price trajectory taken by BTC on Saturday, Bitcoin whales have once again nabbed considerable investor attention.  7 dormant wallets belonging to a whale revived after nearly 1 year of dormancy as BTC topped $60K recently, per on-chain data in the market. This saga has garnered significant investor attention to the flagship crypto.

Meanwhile, other massive whale transactions and on-chain data emerged in tandem, adding to market watchers’ speculations on the coin’s future price movements.

Bitcoin Whales Spark Investor Enthusiasm As Price Breaches $60K

As per data streamlined by the tracker Lookonchain on X, dated September 14, Bitcoin whales moved over 1K coins over the past day, reverberating a frenzy across the broader market. For context, 7 wallets belonging to the same whale today nabbed a profit worth $6.89 million with a 203 BTC transfer to Binance.

Simultaneously, another swing trader moved 205 BTC to the same crypto exchange amid the coin’s $60K breach to amass a profit of $2.36 million. These transactions have garnered significant attention, underscoring Bitcoin’s potential to offer investors gains.

Meanwhile, it’s also worth noting that the whale with 7 wallets currently holds 10,043 BTC, worth $603.84 million. This massive holding ignites market optimism over the asset’s long-term prospects.

Also, Lookonchain’s data revealed that a whale bought 1,062 BTC, worth $63.96 million, as the coin broke $60K over the past day. This colossal accumulation has poured additional optimism into the coin’s future price action.

BTC Price Crosses $60K, What’s Next?

At press time, BTC price traded at $59,958, up nearly 4% in the past 24 hours. However, it’s worth noting that the coin’s intraday low and high were recorded as $57,650.11 and $60,656.72, respectively. Lookonchain’s data reveals that Bitcoin whales took action primarily as the coin broke $60K.

Simultaneously, a recent post by crypto market analyst Ali Martinez highlights that the flagship crypto is reaching a ‘critical resistance zone.’ Notably, 1.52 million addresses hold over 770,000 BTC between a price range of $59,885 and $61,625, forming a vital point for the asset that could influence market behavior. However, given that the coin breaks through this resistance zone, Ali added that a $64,300 price target looms ahead. On the flip side, failure to do so would result in a pullback to $57,235.

Crypto market participants continue to extensively eye market dynamics to monitor trends that suggest a price action shift ahead. Intriguingly, MicroStrategy recently bagged another 18,300 BTC, worth $1.11 billion, presenting as an optimistic Bitcoin news for the coin’s price movements.

Nonetheless, another post by the analyst revealed that over $2.6 billion had exited BTC and ETH over the past week, sparking contrasting speculations on the asset’s future price movements. Conversely, it’s also noteworthy that recent macroeconomic events such as U.S. PPI and looming FOMC glimmer hope for risk assets. Market participants continue to monitor the coin for a price action shift ahead.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.