Bitcoin price has taken another sharp turn just when things looked ready for a breakout. On-chain data shows some of the largest Bitcoin wallets, which have held coins untouched for more than 14 years, have suddenly moved massive amounts of BTC. Over $5.4 billion worth of Bitcoin has been transferred out of these old wallets in just the past few hours.
BTC chart also shows why this is making many traders nervous. Just two days ago, Bitcoin price managed to break out of the descending broadening channel it had been stuck in since early May. That breakout got bulls excited because it looked like BTC might be ready for a big rally.
But today, the price reversed quickly. The chart shows how BTC moved above the top line of the channel and then fell right back below it. This move back inside the channel is worrying because it suggests the breakout might have been fake.
Dormant Wallets Wake Up with Billions in BTC
The sudden selling started when whales who have been inactive for more than a decade began moving their coins. One address holding at least 80,009 BTC, worth $8.69 billion at current prices, woke up and transferred out 40,000 BTC, valued at $4.35 billion.
Another wallet moved 10,000 BTC, worth $1.09 billion, after being silent for 14 years. These huge transfers happened just as BTC was trying to retest its breakout level, pushing the price down fast.
A Bitcoin OG holding at least 80,009 $BTC($8.69B) woke up after 14+ years of dormancy and transferred out 40,000 $BTC($4.35B) today!
— Lookonchain (@lookonchain) July 4, 2025
This OG controls about 8 wallets, 2 of which received 20,000 $BTC($15,600 at the time, $2.18B now) on April 2, 2011, when the price of $BTC was… pic.twitter.com/F8jULZ6Ee7
What Happens to BTC Price Next?
This puts the Bitcoin price at a critical point. If the market sees these whale moves as a reason to panic or expects more selling, we could see another sharp drop in BTC price over the weekend. But if there is strong buying from retail traders or big investors who see this dip as a chance to buy, it could help keep the price above the key level that turned from resistance into support.
Right now, BTC is trading below the top boundary of the descending channel again, which shows bearish momentum might be coming back. A daily close below this level would be a strong signal that more downside could come.
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If that happens, Bitcoin might fall all the way to the lower supports. But if buyers step in quickly and push BTC price back above the top of the channel, it could cancel the breakdown and keep hopes for a bullish move alive.
The next few candles on the daily chart will be very important for where BTC price goes next. As uncertainty grows, traders should watch to see if the market reacts with fear or stays confident despite this massive movement of old coins.
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