Crypto Alert: Dormant Wallet Activates With Transfers $44 Million in Bitcoin: What’s Next?

• Activation of dormant whale wallet with $43M in BTC raises concerns of potential selloff amid Bitcoin’s recovery.
• Bitcoin’s surge past $64K triggers caution among traders due to overbought signals and potential trend reversal indicators.
• Shorts dominating liquidations as Bitcoin rebounds, but impact of short squeeze may be limited, keeping market dynamics uncertain.

Bitcoin soared above the $64,000 threshold today, setting a momentous achievement in its current run-up.The resurgence in Bitcoin’s price was accompanied by a noteworthy event – the activation of a dormant wallet containing 687 BTC, valued at over $43 million as per Whale Alert data. This dormant Bitcoin whale, inactive for over a decade, made two substantial transfers to unknown wallets on Monday, totaling nearly $44 million.

A dormant address containing 687 #BTC (43,893,168 USD) has just been activated after 10.3 years!https://t.co/l31uAyadYZ

— Whale Alert (@whale_alert) May 6, 2024

As per Lookonchain, an onchain analytic firm, the first transaction involved the transfer of 625.42 BTC, amounting to a  $41 million. The second transfer moved 61.9 BTC, equivalent to approximately $4 milli…

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