After 8 Years, $250-Million Bitcoin Whale Awakens, Shaking Market

Bitcoin trades below critical resistance levels as crypto bear market concerns increase. Investors are becoming risk-off due to macroeconomic uncertainties and global trade war concerns. Retail and institutional investors are losing confidence as stocks and crypto markets drop down.

Arkham Intelligence revealed that a dormant Bitcoin whale who has held BTC since late 2016 sold over $250 million Friday night, fueling market speculation. This abrupt shift has raised worries about selling pressure, since substantial long-term holding moves generally precede market turbulence. On-chain experts have yet to establish if the money were moved to an exchange, but the timing amid heightened panic increases investor worry.

Some market participants are wondering whether Bitcoin's bull run is over. To gain momentum, bulls must defend demand zones and recapture important resistance. Until then, traders expect sideways or perhaps a decrease. Bitcoin's next move will shape mood in the second quarter of 2024 as volatility remains high.

Bitcoin is having trouble convincing experts and investors that the bull market will continue until 2025. BTC has lost momentum after reaching an all-time high earlier this year, and the current market behavior suggests future gains may not last.

Market uncertainty extends beyond crypto. As recession concerns grow, US stocks have slowed.

Arkham Intelligence said that a long-dormant Bitcoin whale shifted $250 million in BTC, adding to the uneasiness. at late 2016, the whale invested $3 million and earned $250 million over eight years, keeping all BTC at one address till today.

After days of stabilization, Bitcoin is trading around $84,200, fighting to retake the 200-day MA and exponential MA, both near $85,000. To signify a momentum change, BTC must break above this zone, a key battlefield for bulls and bears. Reclaiming $85K would lay the way for a challenge of $88K, many analysts' final big obstacle before $90K.

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