Bitcoin OG Owen Gunden Deposits Final 2,499 BTC | Crypto News
Bitcoin is presently trading below $92,000, and the market is displaying clear indicators of exhaustion as promoting strain intensifies. Fear has pushed sentiment toward the bearish end of the spectrum, with many analysts now arguing that BTC could also be coming into a new bear market. The loss of key assist ranges and the speedy acceleration of draw back volatility have only fueled these issues, particularly as short-term holders continue to capitulate at scale.
However, not all views are bearish. Some analysts imagine that Bitcoin could also be forming a local backside, as the current correction resembles earlier mid-cycle retracements seen during strong bull markets. They argue that the broader macro atmosphere stays supportive and that long-term holders haven’t shown indicators of structural weak spot. As promoting strain concentrates among weak palms, the chance of a reversal will increase — particularly once compelled sellers exhaust themselves.
Adding to the uncertainty, new on-chain data from Lookonchain revealed that Bitcoin OG Owen Gunden just deposited all his remaining 2,499 BTC into Kraken roughly an hour in the past. Moves like this often set off hypothesis, as exchange deposits from early holders can signal potential promoting. Yet traditionally, related occasions have also occurred close to cycle bottoms when panic is at its peak.
A Massive BTC Transfer Sparks Market Speculation
According to contemporary data from Lookonchain, Bitcoin OG Owen Gunden has just deposited his remaining 2,499 BTC (value $228 million) into Kraken roughly an hour in the past. This transfer has immediately raised questions across the market, as large exchange deposits from early whales often signal potential promoting strain.
What makes this development even more notable is the context: just two weeks in the past, Lookonchain reported that Gunden appeared prepared to offload his total 11,000 BTC stash — a place value over $1.12 billion at the time. Now, with this remaining deposit, it seems he has formally accomplished the transfer.
For many merchants, this confirms that one of the oldest and largest long-term holders has totally exited or is making ready to exit the market. Such whale conduct can amplify worry during corrective phases, particularly as Bitcoin continues to wrestle below $92K. Moves of this scale not only contribute to short-term volatility but also affect sentiment by signaling that even early accumulators could also be lowering publicity.
However, traditionally, capitulation occasions from long-term holders have often coincided with or preceded major turning factors. If this huge switch marks the end of Gunden’s sell-off, the market might soon take in the strain — doubtlessly clearing the trail for a recovery once the worry subsides.
Short-Term Trend Still Under Pressure
Bitcoin’s 4-hour chart reveals a market that stays firmly under short-term promoting strain, despite occasional aid bounces. The price is struggling to reclaim $92,000, a stage that beforehand acted as assist but is now working as resistance. The sequence of decrease highs and decrease lows highlights a persistent downtrend that has formed BTC’s trajectory since early October.
All major transferring averages—the 50 SMA, 100 SMA, and 200 SMA—are positioned above current price motion and pointing downward. This alignment confirms a clear short-term bearish construction. Each time BTC makes an attempt to get better, it meets strong resistance at these declining MAs, signaling that sellers stay in control. The most current bounce barely reached the 50 SMA before being rejected again, reinforcing the weak spot of purchaser momentum.
Volume stays elevated on downswings, which signifies that sell-offs continue to be pushed by conviction moderately than random volatility. Buyers are stepping in around the $89,000–$91,000 zone, but so far, this assist has only produced momentary pauses moderately than significant reversals.
For a structural shift, BTC would need to reclaim at least the $95,000 space and break above the 100 SMA. Until then, the pattern stays tilted toward additional draw back or continued consolidation close to current ranges.
Featured image from ChatGPT, chart from TradingView.com
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