Bitcoin whales move old coins after price reaches $90,000

Recent on-chain data reveals that dormant Bitcoin (CRYPTO:BTC) whales have reactivated, making significant transactions following the cryptocurrency's price surge above $90,000.

These movements involve coins that have been inactive for years, sparking interest in their potential impact on the market.

The "Spent Output Age Bands" indicator shows spikes in the 7-10 years and 10+ years age bands, suggesting that long-term holders are now moving their assets.

According to CryptoQuant community analyst Maartunn, these transactions could be a sign of profit-taking by these long-term investors, potentially signaling a bearish outlook for Bitcoin.

However, it's also possible that some of these older coins were previously lost due to misplaced wallet keys and have only recently been rediscovered.

As noted by analysts, coins older than seven years are more likely to have been lost rather than intentionally held.

In a similar vein, a recent transaction saw a dormant Bitcoin whale move 1,250 BTC to Binance after three years of inactivity, valued at approximately $114.96 million.

Such large movements can create market volatility and influence sentiment among other investors.

Historically, whale movements have been a significant factor in Bitcoin's price dynamics, often triggering both bullish and bearish trends depending on whether they are perceived as buying or selling signals.

As Bitcoin continues to navigate its current price levels, the actions of these long-term holders will be closely watched for signs of future market direction.

At the time of reporting, the Bitcoin (BTC) price was $83,509.14.