Bitcoin Demand Holds Strong as 1,000 Dormant BTC Transfer Sparks Caution
Bitcoin demand remains robust despite a recent price pullback. Long-term holders and accumulator wallets have added roughly 160,000 BTC in the past 30 days, including 50,000 BTC from wallets that only buy. A rare movement of 1,000 BTC—untouched for 7–10 years and worth about $114 million—into a new address has spurred market caution but hasn’t triggered a sell-off.
On-chain metrics stay positive: the demand ratio (new issuance versus coins idle over a year) remains favorable. Accumulation continues to outpace distribution, underscoring sustained institutional and retail interest. Technically, Bitcoin price is holding above key support near $114,000. However, the RSI sits around 47.8 and the OBV is muted at 1.73 million, signaling limited conviction behind the recent rebound.
Traders should watch for a clear uptick in OBV, an RSI break above 50, sudden volume surges and any further large dormant BTC transfers. These indicators could confirm a sustained bullish reversal or maintain the current cautious market sentiment.
Neutral
The transfer of 1,000 long-dormant BTC has introduced caution among traders, but sustained buying by long-term holders and accumulator wallets demonstrates underlying strength. Positive on-chain metrics and ongoing accumulation balance out muted technical indicators (RSI below 50, stagnant OBV). In the short term, market sentiment is cautious, awaiting clearer bullish signals. Over the longer term, steady accumulation supports a potential upward move once technical thresholds are breached, resulting in an overall neutral outlook for price action.