Bitcoin prices are notoriously inactive over the weekend, but the past day has not disappointed. The top cryptocurrency continues to hover around the psychological $90,000 level, with no notable movements observed over the past 24 hours.
While Bitcoin’s price action, or lack thereof, has put most investors to sleep, one market participant has just woken up. According to the latest on-chain data, Satoshi-era miners just moved a large amount of Bitcoin over the weekend.
Satoshi-era miners moved 2,000 BTC on Saturday
In a post on social media platform This is the first such move from a group of network participants since November 2024.
Satoshi-era miners refer to organizations that mined BTC during its early years, typically between 2009 and 2011, when the flagship cryptocurrency’s pseudonymous creator Satoshi Nakamoto was still active. At the time, mining BTC was a less competitive (can be run on consumer CPUs) and a sport with higher rewards.
Source: @jjc_moreno on X
Moreno pointed out that historically Satoshi-era miners only moved coins at key inflection points. In November 2024, when the last miner in this group made a trade, the price of Bitcoin was around $91,000.
The premium cryptocurrency has since broken multiple all-time highs and reached its current cycle peak of $126,080. It’s hard to say what the Satoshi-era miners saw before the latest move, but the pattern-like nature of these coin movements is too important to ignore.
Why Bitcoin Investors Should Be Careful at $84,500
As previously speculated, indecision seems to be returning to the Bitcoin market as bulls and bears continue to battle around the $90,000 level. This area has become more relevant in recent weeks, but recent on-chain data has identified another important level beneath it.
According to Joao Wedson, CEO and founder of Alpharactal, this level is Bitcoin’s two-year moving average (2Y MA). On-chain experts emphasized that this level is the last major support cushion for the market leader.
From a historical perspective, the loss of the two-year MA, currently around $84,500, could significantly increase the likelihood of capitulation. Essentially, this premium cryptocurrency faces the risk of further decline if it falls below $84,500.
As of this writing, the price of BTC 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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