Bitcoin update: Miner moves tokens held dormant for a decade, Michael Saylor validates BTC reserve plan

Bitcoin (BTC) has noted a series of positive developments that support a bullish thesis for the asset’s recovery this week. The top three market movers are Michael Saylor’s Bitcoin holdings, support from Senator Cynthia Lummis’s Bitcoin reserve idea, and whales buying the recent crash in BTC. 

Analysts affirm that Bitcoin is on track to hit a new cycle high as the bull run continues. BTC hovers close to $57,000 after $1.06 billion in crypto liquidations at the beginning of the week. 

Bitcoin’s top three market movers, what to expect 

Michael Saylor of MicroStrategy disclosed his Bitcoin holdings in a recent interview on Bloomberg Open Interest on Wednesday. Saylor revealed that he holds 17,732 BTC, worth $1.01 billion at the time of writing.

The former MicroStrategy CEO said:

Bitcoin is a great capital investment asset for an individual, a family, an institution, a corporation, or a country. And I can’t see a better place to put my money.

MicroStrategy is one of the largest public holders of Bitcoin. According to their latest report, the firm holds 226,500 BTC, worth nearly $13 billion. 

Saylor backed Senator Cynthia Lummis’ plan for a strategic Bitcoin reserve. Senator Lummis announced her historic proposal to officially introduce the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the US Senate. 

Senator Lummis’ BITCOIN Act intends to use Bitcoin as an additional store of value to ensure the treasury management of BTC holdings by the federal government. These developments are bullish for Bitcoin as they could fuel demand for the asset among retail traders, institutions and the government. 

Strategic Bitcoin Reserve

Bitcoin whales buy the dip

Bitcoin network’s large wallet investors holding between 100 to 1,000 BTC are accumulating the asset at a fast pace, per Glassnode data. 

Santiment data shows that whales have been most active in over four months as they scoop up BTC at lower prices through the recent correction. This is evident from large-volume transactions. On Monday and Tuesday, 28,319 transactions worth $100,000 and more were recorded. The count for transactions valued at $1 million and higher stood at $5,738, per Santiment charts. 

Large volume transactions are indicative of whale movements, signaling an interest and activity from large wallet investors. 

Bitcoin whales are most active in over four months

Additionally, an old miner with a Bitcoin wallet address that was dormant for over 13 years moved their BTC per on-chain data.

Analysts’ say Bitcoin bull run is on track, predict cycle highs

Plan B, a crypto analyst behind the X handle @100trillionUSD, says BTC is still in a bull market per his analysis. The analyst’s tweet shows different Bitcoin market cycles. 

Analyst Ripple Van Winkle, behind the X handle @RipBullWinkle, says Bitcoin is on track for gains in August 2024.

Will Bitcoin hit a new all-time high?

Analyst Zero Ika has identified the key levels to monitor to identify whether Bitcoin has maintained its bullish market structure and will proceed to a new all-time high. For BTC, the analyst’s target is $109,000. 

Bitcoin dipped under $50,000 and collected liquidity on Monday. BTC could rally now towards its $60,000 target next and continue towards a new all-time high. Bitcoin hovers around $57,000 early on Thursday and could rally towards its 73,777 all-time high after collecting liquidity in the imbalance zones seen on the daily chart below. 

BTC faces resistance at $60,000, $61,388 and $70,000. The Relative Strength Index (RSI) indicator in the daily chart showed that Bitcoin was oversold when the price dipped under $50,000. Bitcoin has recovered and RSI reads 39, making steady progress toward the neutral zone. 

BTC/USDT daily chart

A daily candlestick close below $55,000 could invalidate the bullish thesis for BTC. In that case, Bitcoin could find support at Monday’s low of $49,000.