Bitcoin Crashes to Three-Day Low Following Activation of Eight-Year-Long Dormant Whale Account

11 November 2021 | Updated: 11 November 2021

Yesterday, a forgotten Bitcoin (BTC) whale wallet that had remained dormant for over eight years recorded activities for the first time since its creation.

According to Btcparser.com, the behemoth account spent 2,207 BTC, worth $147 million (using $69,000).

The address, created on July 10, 2013, contained a total of 2,207.6 BTC and moved its entire holding into two wallets. The first transaction sent 300 BTC, while the second sent 1,908.5997 BTC. The remaining funds got used to fulfill transaction fees.

Blockchair, using its privacy-o-meter, revealed that the transaction recorded a score of 45, a poor privacy score according to the metric. The analytics provider also highlighted three vulnerabilities in the whale transaction, and one of them involved matching addresses.

That said, yesterday’s whale activity follows a similar pattern to another whale transaction recently. The whale transaction was 20 decade-old rewards from 2010 and got spent yesterday. The Blockchair privacy-o-meter showed that the transaction recorded a “critical” privacy score and scored a zero. This transaction also suffered from five privacy vulnerabilities.

Key Bitcoin Levels to Watch — November 11

BTC suffered a massive crash yesterday, likely due to the whale activity mentioned earlier, as the benchmark cryptocurrency fell from its all-time high of $69,000 to $63,000 within a few hours.

BTCUSD – 4-Hour Chart

However, this unprecedented crash brought about the much-needed correction as it eased BTC out of overheated conditions on my 4-hour MACD indicator. That said, a bullish recovery above the $66,000 line should help BTC restore confidence and boost the price higher.

Nonetheless, the possibility of a bearish retest of the $63,000 low still exists, and only a close above the $65,000 – $66,000 zone might prevent this fall.

Meanwhile, my resistance levels are at $66,000, $67,000, and $68,000, and my key support levels are at $65,000, $64,000, and $63,000.

Total Market Capitalization: $2.85 trillion

Bitcoin Market Capitalization: $1.22 trillion

Bitcoin Dominance: 43.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.