As the Bitcoin halving date draws closer, expectations of massive upside momentum in Bitcoin also increase. Recently, an on-chain analytics firm, LookOnChain, made a post on X (previously Twitter) stating that a miner’s wallet address, 15sxzZ4, which had been inactive for almost 14 years, recently deposited a massive 50 Bitcoin worth $3.28 million to the United States’ biggest cryptocurrency exchange, Coinbase.
Dormant Miner deposits 50 Bitcoin to Coinbase
However, LookOnChain also mentioned that this miner had earned 50 Bitcoin since April 23, 2010, and had held onto it until now. This massive deposit after such a long period highlights the possibility that miners may deposit large amounts of Bitcoin after the completion of the Bitcoin halving. But it has not been confirmed whether this miner sold his earned Bitcoin to Coinbase. There is also a possibility that miners may wait for Bitcoin to surge.
At the current time, besides Bitcoin, the overall cryptocurrency market is struggling to gain momentum following the conflict between Israel and Iran. Regarding Bitcoin’s performance, from late February 2024 to mid-March 2024, it experienced nearly a 40% upside momentum. Since then, Bitcoin has been consolidated in a tight range between $61,750 and $73,360. However, during the ongoing Iran and Israel conflict, it also dropped to a low of $60,000.
Bitcoin price performance analysis
Currently, the market is recovering, and Bitcoin is trading near $66,800. In the last 24 hours, it experienced a massive 4% upside momentum. Looking at Bitcoin over a longer period, in the last 7 days, it experienced nearly 7.5% downside momentum. Whereas, in the last 30 days, due to its consolidation, it remained stable and experienced nearly 2% negative momentum.
Besides Bitcoin’s impressive performance in the last 24 hours, it is observed that investors as well as traders show less interest as its 24-hour trading volume has decreased by 29% and currently stands at $43.1 billion.
According to expert technical analysis, currently, Bitcoin is bullish as it is heading towards the upper side of consolidation, which is the $73,360 level. There is a high possibility that Bitcoin will hit the $73,360 level in the upcoming days.
