Satoshi era miners' sell signals, Bitcoin remains at $90,000… Attention to changes in market structure

Source: BlockMedia Original Title: [New York Coin Market] Despite Satoshi Whale Sell Signal, Bitcoin Holds $90,000… What’s Happening in the Market Original Link:

New York Digital Asset Market Overview

The New York digital asset( cryptocurrency) market has been navigating a phase of price compression below key resistance levels, coupled with short-term concerns over the movement of early Bitcoin miners’ holdings, leading to a cautious exploration of direction. Despite large potential sell signals, the relatively stable price has led the market to interpret this as a “process of absorbing selling pressure,” with a concurrent rise in mid- to long-term bullish sentiment.

Bitcoin Stays Around $90,000

Currently, according to CoinMarketCap, Bitcoin is trading at $90,504. Over the past few weeks, the price has been compressed between $84,000 and $94,000. Market observers note that this price pattern resembles the sideways trading phase seen before the bullish run in early 2025, with $94,000 recognized as a key resistance level.

Major altcoins showed mixed trends. Ethereum remained relatively resilient at $3,103.73, while Solana rose 1.79% to $138.46, showing strength among Layer 1 tokens. Meanwhile, XRP and BNB declined, experiencing corrections, and Dogecoin saw increased short-term volatility. Overall, altcoins continued to display a differentiated trend depending on individual assets.

Satoshi Era Miner Sell Signal

A concern that has heightened market vigilance is the movement of Bitcoin from miners of the Satoshi era. Specifically, 2,000 BTC mined in 2010 has been transferred, amounting to approximately $181 million. This volume was moved from numerous P2PK addresses that had remained inactive for over 15 years to centralized exchanges. Such transfers to centralized exchanges are generally interpreted as potential sell signals.

However, the market has absorbed this potential selling pressure without structural disruption. The increasing reactivation of wallets created between 2009 and 2011, without causing sharp price collapses, indicates that Bitcoin’s liquidity and buy-side demand are now more robust than in the past.

Technical Analysis

From a technical perspective, Bitcoin currently exhibits patterns reminiscent of previous bullish phases. Back then, Bitcoin traded within a limited range for several weeks, seemingly losing direction, before breaking through resistance and entering a strong upward trend. The $94,000 level is now viewed as a critical price point that could determine short-term momentum. If this level is clearly surpassed, market sentiment could quickly improve.

Industry Experts’ Long-Term Outlook

Despite the short-term cautious stance, there are still voices advocating for a long-term bullish outlook. The CEO of a Bitcoin infrastructure firm reaffirmed the possibility of Bitcoin reaching $1.33 million in the long run, citing potential variables such as the issuance of Bitcoin bonds by at least one country and increasing demand at the national level, which could reshape the market structure.

Meanwhile, a co-founder of a major fund recently stated in an interview, “The Bitcoin market is experiencing structural changes that cannot be explained solely by the traditional four-year cycle,” adding that “cryptocurrency prices are entering a recovery phase.” He mentioned the possibility of rapid short-term surges but noted that volatility could be high depending on market conditions.

Market Sentiment Indicators

Today, investor sentiment in the digital asset market remains neutral, with neither excessive optimism nor pessimism. The Alternative Fear & Greed Index stands at 43, indicating a ‘neutral’ zone.