Bitcoin price has been notorious for its inactivity over the weekend and it did not disappoint on the last day. The top cryptocurrency continues to hover around the psychological $90,000 level with no significant movements observed in the last 24 hours.
While Bitcoin price action, or lack thereof, has most investors asleep, certain market participants are just waking up. According to the latest on-chain data, one Satoshi-era miner moved a significant amount of Bitcoin over the weekend.
Satoshi Era Miners Move 2,000 BTC on Saturday
Julio Moreno, head of research at CryptoQuant, said in a post on social media platform This is the first time such a move has occurred in this group of network participants since November 2024.
Satoshi-era miners refer to companies that mined BTC between 2009 and 2011, the early days when Satoshi Nakamoto, the pseudonymous creator of the iconic cryptocurrency, was still active. At the time, BTC mining was a less competitive (can be done with consumer CPUs) and higher reward sport.
Source: @jjc_moreno on X
Moreno pointed out that historically, Satoshi-era miners only moved coins at major inflection points. In November 2024, when the last miner in this group made a transaction, the price of Bitcoin was around $91,000.
The leading cryptocurrency has since hit several all-time highs before reaching its current cycle high of $126,080. It’s hard to say what Satoshi-era miners saw before the latest move, but the pattern-like nature of these coin movements makes them too relevant to ignore.
Why Bitcoin Investors Should Pay Attention to $84,500
As previously inferred, indecision seems to be returning to the Bitcoin market as bulls and bears continue their battle near the $90,000 level. This region has gained relevance in recent weeks, but recent on-chain data has confirmed another significant level beneath it.
According to Joao Wedson, CEO and founder of Alphractal, this level is Bitcoin’s two-year moving average (2Y MA). The on-chain expert emphasized that this level represents the last major support cushion for the market leader.
From a historical perspective, a loss on the 2-year MA, currently around $84,500, would significantly increase the odds of surrender. Essentially, the top cryptocurrency faces the risk of its downward move extending if it falls below $84,500.
As of this writing, the BTC price is around $90,435, unchanged over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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