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As shown in the graph, the Bitcoin Spent Output Age Bands” (SOAB) for the 7-10 years age band has shown an extraordinarily large spike recently. This means that a large number of these super dormant coins have just been transferred between wallets. Such spikes does not necessarily mean the coins are moving to Exchanges, but what it may mean though that there's a potential trade trigger given the amount of the coins movement. If watched closely, there may come a favorable chance for SATS accumulation - Source CryptoQuant.

This week, the market experienced a sharp sell-off, following what turned out to be false rumours related to distributions by the Mt Gox Trustee, and the US Government. Add to this the revival of 3.2k ancient Bitcoin, and the market found itself amidst serious volatility.

The Bitcoin market has been testing both the high/low bands within the $27k to $30k range since mid-March, having recovered from $27.1k to $29.9k this week. During this rally, inaccurate rumours circulated of movements within the Mt. Gox, and USD Government controlled wallets. We also saw some activity by ancient supply holders (>7yrs), which led an infamous daily Doji candle being printed in a light liquidity environment, with $1.5k shadows.

Informative video of the week

Is June, 2023 going to be financially catastrophic inviting US Banking Turmoil?