A dormant Bitcoin whale has reemerged by acquiring 250 BTC, worth approximately $26.37 million, marking its first activity in two years.
Data from Lookonchain reveals this whale previously withdrew 500 BTC from Gemini in 2022 when Bitcoin traded near $27,400, a move valued at about $14 million at the time. With current BTC prices around $105,000, the whale’s holdings now reflect an unrealized gain exceeding $39 million.
This significant transaction has drawn attention from traders and analysts, fueling speculation that major players may be preparing for increased market activity.
Bitcoin’s price has surged roughly 300% since 2022, benefiting early investors like this whale. While such large moves can intimidate smaller investors, they often inspire optimism among retail traders who follow big holders’ actions.
Technically, Bitcoin appears to be forming an inverse cup-and-handle pattern with strong support near $100,800. A break below this level could push the price toward $91,000, close to its 200-day exponential moving average (EMA). The relative strength index (RSI) at 52 suggests waning bullish momentum; falling below 50 may increase selling pressure. For bulls to regain strength, BTC must surpass resistance at the 20-day EMA just above $105,000.
Recent market volatility was influenced by social media exchanges between prominent figures, briefly pushing Bitcoin below $101,000 and triggering nearly $1 billion in futures liquidations before rebounding past $105,000. Additionally, CryptoQuant’s Hash Ribbons indicator signals miner capitulation, hinting at short-term miner struggles but possible future rallies after miners recover.