- Bitcoin Cash surges past $644, defying crowd sentiment and showing contrarian strength.
- BTC faces heavy resistance near $117K, with heatmap indicating clustered supply zones.
- Dormant 2014 wallet moves 1,000 BTC, raising liquidity and potential market volatility.
Bitcoin Cash (BCH) surged past $644 this week to notch its strongest level since April 2024. Data from Santiment showed the token gained about 7% against Bitcoin while crowd sentiment flipped heavily bearish.
That contrarian setup, traders doubting BCH’s staying power, gave the asset fresh momentum. BCH now sits 16th by market cap, proving once again that fear-driven markets can fuel sharp countertrend rallies.
Santiment flagged that the pattern isn’t new. Traders who step in when fear peaks often outperform those chasing greed. BCH’s jump is a textbook example of sentiment washouts turning into fuel for the upside
Bitcoin (BTC) Faces Thick Supply Wall Near $117K
While altcoins steal headlines, Bitcoin (BTC) is wrestling with a stubborn ceiling at $117,000. Glassnode’s heatmap shows concentrated supply zones at that level, with liquidity stacked to slow further advances.
At press time, BTC traded around $117,273, a daily gain of 0.82% and a 2.94% rise over the past week.
Technical indicators suggest more room to grow. The MACD line is attempting a bullish crossover, while the RSI remains in neutral-bullish territory at 61.65. Both point to the potential for further upside before exhaustion sets in.
Dormant 2014 Wallet Wakes Up with $116M in BTC
Adding volatility risk, a wallet holding 1,000 BTC since 2014 moved its stash for the first time in nearly a decade.
Bought when Bitcoin traded near $840, the coins are now valued above $116 million. Funds were split across three wallets, but the owner remains unidentified.
These dormant wallet awakenings have been surfacing more often, raising the chance of sudden liquidity jolts. When old coins re-enter circulation, they can stir volatility just as markets test critical resistance levels.
Related: Bitcoin Traders Eye $116K Breakout After Fed Test To $155K Fibonacci Target
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