The price of Bitcoin is infamous for its weekend inactivity, and it has not disappointed in recent days. The leading cryptocurrency continues to hover around the psychological $90,000 mark, with no significant movement seen over the past 24 hours.
While Bitcoin price action – or lack thereof – has put most investors to sleep, one particular market participant has just awakened from its slumber. According to the latest on-chain data, a Satoshi-era miner just moved a significant amount of Bitcoin over the weekend.
Satoshi-Era Miner Moves 2,000 BTC on Saturday
In a post on social media platform This would be the first time such a move has occurred from this group of network participants since November 2024.
Satoshi-era miners refer to entities that mined BTC during its early years, typically between 2009 and 2011, when the flagship cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, was still active. At the time, BTC mining was a less competitive sport (one that could be done with a consumer processor), with greater rewards.
Source: @jjc_moreno on X
Moreno noted that historically, Satoshi-era miners only moved their coins at key inflection points. In November 2024, when the last miner in this group made a transaction, the price of Bitcoin was around $91,000.
The leading cryptocurrency has since reached several all-time highs before reaching the current cycle high of $126,080. While it’s hard to say what the Satoshi-era miner saw before his final move, the schematic nature of these coin moves makes them too relevant to ignore.
Why Bitcoin Investors Should Be Wary of $84,500
As we inferred earlier, indecision appears to be returning to the Bitcoin market, as the bulls and bears continue their battle around the $90,000 level. Although this region has gained prominence in recent weeks, recent on-chain data has identified another crucial level below it.
According to Alphractal CEO and founder Joao Wedson, this level is the 2-year moving average (2Y MA) of Bitcoin. The on-chain expert highlighted that this level represents the last major cushion of support for the market leader.
From a historical perspective, the loss of the 2-year MA, which is currently around $84,500, could significantly increase the probability of capitulation. Essentially, the leading cryptocurrency faces the risk of a prolonged downward move once it breaks below $84,500.
At the time of writing, the BTC price stands at around $90,435, reflecting no change over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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