Bitcoin Held For Years Are Now On The Move, Is This A Signal For Caution?

Recently, a significant movement of older Bitcoin holdings has been observed on the network, sparking discussions about potential selling pressure in the market.

This activity, as shown in data by the on-chain analytics platform CryptoQuant, has led to analysts advising “extreme caution” in the face of this development.

Old Bitcoin On The Move: A Signal for Caution?

A CryptoQuant analyst under the pseudonym XBTManager noted that Bitcoin’s upward trend has been accompanied by increased activity on the network, particularly from wallets that have held Bitcoin for extended periods. The question now is whether this movement will lead to a broader market reaction.

Old Bitcoins are on the move

“Overall, we are seeing a significant increase in the movement of coins from various age bands during this latest leg of the rise, with continuous transfers happening on the #Bitcoin network.” – By @XBTManager

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