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The price of Bitcoin is infamous for its inactivity during the weekends, and it has not disappointed in the past day. The premier cryptocurrency continues to hover around the psychological $90,000 mark, with no significant movement observed over the past 24 hours.
While the Bitcoin price action — or lack thereof — has lulled most investors to sleep, a particular market participant has just woken from their slumber. According to the latest on-chain data, a Satoshi-era miner just moved a significant amount of Bitcoin over the weekend.
Satoshi-Era Miner Moves 2,000 BTC On Saturday
In a post on the social media platform X, CryptoQuant’s head of research, Julio Moreno, revealed that a Bitcoin miner from the Satoshi era moved 2,000 coins on Saturday, January 10. This would represent the first time such movement would be occurring from this group of network participants since November 2024.
The Satoshi-era miners refer to entities that mined BTC during its earlier 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 sport (could be done with a consumer CPU), with greater rewards.
Source: @jjc_moreno on X
Moreno noted that, historically, the Satoshi-era miners have only ever moved their coins at key inflection points. In November 2024, when the last miner from this group made a transaction, the price of Bitcoin was around $91,000.
The premier cryptocurrency has since gone on to set multiple all-time highs before reaching the current cycle peak of $126,080. While it is difficult to say what the Satoshi-era miner saw before its latest move, the pattern-like nature of these coin movements makes them too relevant to ignore.
Why Bitcoin Investors Should Watch Out For $84,500
As earlier inferred, indecisiveness seems to be returning to the Bitcoin market, as the bulls and bears continue their battle around the $90,000 level. While this region has gained relevance in recent weeks, recent on-chain data has identified another crucial level beneath it.
According to Alphractal’s CEO and founder, Joao Wedson, this level is the 2-year moving average (2Y MA) of Bitcoin. The on-chain expert highlighted that this level represents the last major support cushion for the market leader.
From a historical perspective, the loss of the 2Y MA, which is currently around $84,500, could increase the probability of capitulation significantly. In essence, the premier cryptocurrency faces the risk of extended downward movement once it crosses below $84,500.
As of this writing, the price of BTC stands at around $90,435, reflecting no change in 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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