Bitcoin’s price slid under the critical $108,000 threshold on Friday after the sudden reactivation of BTC wallets untouched for over a decade caused concern across the crypto market.
80,000 BTC Stirs Market Nerves
According to TradingView data, BTC/USD briefly hit $107,564 on Bitstamp before staging a minor recovery. The 1.6% daily drop extended losses after the asset was rejected at the $110,000 resistance zone the day before.
What grabbed traders’ attention was the movement of around 80,000 BTC that had remained inactive for 14 years — a massive transaction cluster linked to a single whale, tracked across eight wallets by on-chain analytics platform Lookonchain.
The timing — during the US Independence Day holiday when traditional markets were closed — added to the unease, as ongoing transfers suggested potential selling pressure from these old funds.
Satoshi Theories Resurface
The sudden movement triggered a flood of speculation on social platforms. Well-known trader CryptoBeast hinted at a possible connection to Bitcoin’s elusive creator, Satoshi Nakamoto — though no evidence supports this.
Meanwhile, trading account TheKingfisher noted a surge in “toxic” order flow, referring to trades that typically harm market makers. The post hinted at a likely retracement and potential liquidation of overly aggressive short positions.
CoinGlass data showed BTC price activity slicing through long positions, while resistance continued to build above the $110,000 level.
Bulls Face Critical Test
Focusing on the broader market trend, analyst Rekt Capital pointed to a worrying sign: BTC was struggling to maintain a key diagonal trendline, flipped from resistance to support after the $112,000 all-time high.
“Bitcoin is temporarily losing that diagonal,” he shared on X. “If it closes back above it by day’s end, it could just be a volatile wick. Otherwise, bulls could be in trouble.”
Many market watchers have been highlighting $108,000 as the must-hold level for Bitcoin’s current bullish structure to remain intact.
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