Satoshi-Era Bitcoin Miner Just Moved For First Time Since 2024: Here’s How Much
Bitcoin price is notorious for its volatility on weekends, and it did not disappoint in the past day. The main cryptocurrency continues to hover around the $90,000 psychological mark, with no significant movement seen in the last 24 hours.
While Bitcoin’s price action – or lack thereof – has put many investors to sleep, one market participant has recently woken up from its slumber. According to the latest on-chain data, a Satoshi-era miner recently moved a significant amount of Bitcoin over the weekend.
Satoshi-Era Miner Delivers 2,000 BTC On Saturday
In a post on social media site X, the head of CryptoQuant research, Julio Moreno, revealed that a Bitcoin miner from the Satoshi era moved 2,000 coins on Saturday, January 10. This will represent the first such movement that has occurred in this group of network participants since November 2024.
Satoshi era miners refer to companies that mined BTC during its earlier years, usually between 2009 and 2011, when the cryptocurrency’s unknown creator, Satoshi Nakamoto, was still active. At that time, mining BTC was a less competitive game (can be done with a consumer CPU), with huge rewards.
Source: @jjc_moreno on X
Moreno noted that, historically, Satoshi-era miners have moved their coins to key exchanges. In November 2024, when the last miner in this group made a transaction, the price of Bitcoin was around $91,000.
The main cryptocurrency has since continued to set all-time highs before reaching the current cycle high of $126,080. While it’s hard to say what a Satoshi era miner saw before his latest move, the pattern-like nature of these coin moves makes them too apt to ignore.
Why Bitcoin Investors Should Beware of $84,500
As previously speculated, indecision seems to be returning to the Bitcoin market, as bulls and bears continue their battle around the $90,000 level. Although this region has gained importance in recent weeks, recent on-chain data has pointed to another significant level below it.
According to Alphractal’s CEO and founder, Joao Wedson, this level is the 2-year moving average (2Y MA) for Bitcoin. The on-chain expert emphasized that this level represents the last major cushion of support for the market leader.
From a historical perspective, the loss of the 2Y MA, currently estimated at $84,500, would increase the probability of contribution significantly. In fact, the first cryptocurrency faces a downside risk if it falls below $84,500.
As of this writing, the price of BTC stands at around $90,435, indicating no change in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Planning process because bitcoinist focuses on delivering well-researched, accurate, and unbiased content. We maintain strict sourcing standards, and each page is diligently reviewed by our team of senior technical experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
