In the past week, more than 40,000 BTC have been pushed onto exchanges, creating a wave of increased selling pressure as OTC desks and whales continuously place sell orders. The significant increase in trading volume on the exchange is often a sign of the risk of losing momentum when Bitcoin is sold off at large scales.
Moreover, about 3,900 BTC from wallets that have been 'asleep' for over 10 years have just been moved. This is the second time this month that the phenomenon of 'old coins' has been reactivated, following the event of 80,000 BTC on July 4th.
Nevertheless, Bitcoin still maintains a price above 110,000 USD, indicating that the market still has stable net buying power and confidence from medium-term investors. Profit-taking activity is occurring, but the market has not yet broken down, at least not at this moment.
