Crypto Industry News:
On Saturday afternoon, when the value of the Bitcoin cryptocurrency stayed just above the $29,000 mark, an interesting event took place. Unused for more than seven years, 195.79 bitcoins "woke up" for the first time since 2016. Then another sequence of events took place as another batch of BTC, which had been dormant since 2014, was launched. The calculation is simple - this is their first move in nearly ten years.
Exactly on August 12, 2023, the impressive total of 391,305 BTC with an approximate value of $11.4 million awoke from its long sleep. The term "sleeping bitcoins" refers to a category of cryptocurrencies lying inactive on an address, unspent and untouched for a long time.
These resting, sleepy bitcoins often become the focus of interest, speculation and conspiracy theories among cryptocurrency enthusiasts. Significant moves in this shrouded crypto category could theoretically shake up the entire market.
The existence of these dormant bitcoin wallets can be attributed to various factors. Such as lost accesses, intentional long-term storage, forgetfulness, inheritance issues or simply a strategic decision to keep for a longer period.
The decision to spend or transfer sleeping bitcoins can be complex and often driven by individual circumstances and various factors. For example, a significant increase in the value of BTC may prompt owners to sell or trade their "forgotten" holdings to capitalize on the profits.
Technical Market Outlook:
The BTC/USD pair has hit level of $30,190 during the spike up and then pulled-back towards the moving average located at the level of $29,338 and keeps hovering around the level. The pulls backs more than 50% already as the level of $29,428 was violated during the down move. The next retracement level for a pull-back is seen at the level of $29,238. The next target for bulls is seen at the level of $30,324 and $30,510. The market conditions are neutral as the RSI is approaching the level of fifty, however, the momentum is still strong, so the short-term outlook remains bullish. Only a sustained breakout back below the trend line would change the outlook back to bearish.
Weekly Pivot Points:
WR3 - $29,987
WR2 - $29,629
WR1 - $29,485
Weekly Pivot - $29,270
WS1 - $29,127
WS2 - $28,912
WS3 - $28,553
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
