Bitcoin Demand Dey Strong as 1,000 Sleeping BTC Transfer Spark Caution
Bitcoin demand still strong despite recent price drop. Long-term holders and accumulator wallets don add about 160,000 BTC in the past 30 days, including 50,000 BTC from wallets wey only dey buy. One rare movement of 1,000 BTC—wey nobody touch for 7–10 years and cost about $114 million—go one new address don make market dey careful but e never cause any big sell-off.
On-chain metrics still dey positive: demand ratio (new issuance versus coins wey no move for over one year) remain good. Accumulation dey pass distribution, show say institutional plus retail still dey interested. Technically, Bitcoin price dey hold above key support around $114,000. But RSI dey around 47.8 and OBV low for 1.73 million, mean say recent rebound no get strong backing.
Traders suppose watch for clear rise in OBV, RSI break pass 50, sudden jump in volume and any big dormant BTC transfer. These signs fit confirm say bullish trend fit continue or market fit still remain cautious.
Neutral
Transfer of 1,000 long-dormant BTC don make traders dey cautious, but long-term holders and accumulator wallets still dey buy steady, showing say the market get strong foundation. Positive on-chain metrics plus ongoing accumulation dey balance cool technical indicators (RSI below 50, OBV no dey move). Short-term, the market sentiment dey cautious, dem dey wait for clear bullish signals. Long-term steady accumulation fit support upward move when technical levels cross, so overall market price action dey neutral.