Bitcoin markets opened the week with a mix of on-chain surprises and technical warnings. Dormant Casascius holdings worth tens of millions of dollars moved for the first time in more than 13 years, while two analysts split over whether the latest price action marks the start of a bear market or a make-or-break test of support near 90,000 dollars.
Dormant Casascius Coins Move After More Than 13 Years
Two large batches of Bitcoin linked to Casascius physical coins have moved on-chain after sitting dormant for more than 13 years, according to alerts from TimechainBot. The bot reported that transactions of about 1,000.00287192 BTC and 1,000 BTC were broadcast in consecutive blocks 926,566 and 926,567, ending a long period of inactivity for the addresses.
Dormant Casascius BTC Transactions Alert. Source: TimechainBot / TimechainIndex
Casascius coins are physical tokens created in Bitcoin’s early years, each loaded with a fixed amount of BTC and protected by a hidden private key under a tamper-evident hologram. When holders peel the hologram and sweep the key, the underlying coins can be spent on the blockchain. In this case, the movements suggest that owners of high-value Casascius holdings have decided to redeem or relocate the funds.
Each 1,000-BTC tranche would be worth tens of millions of dollars at current market prices, placing the transfers among the larger coin awakenings seen this year. On-chain analysts are now tracking the destination of the funds to see whether they move to exchanges, custodial services, or new long-term storage addresses.
Analyst Flags Possible Bitcoin Bear Market Signal
Titan of Crypto says Bitcoin may have entered a bear market in the first week of November, based on a divergence between BTC price action and USDT dominance. In his chart, Bitcoin’s weekly trend line slopes upward while USDT’s share of the crypto market begins to turn higher from a falling line, echoing a similar pattern that appeared before the 2021 cycle peak.
Bitcoin vs USDT Dominance Divergence Source: Titan of Crypto / TradingView
According to the analyst, this combination of a rising stablecoin dominance and an extended Bitcoin advance has previously marked exhaustion in bullish trends. He argues that the recent move could signal a shift from risk-on positioning into stablecoins as traders take profit and reduce exposure. However, confirmation would still depend on how Bitcoin behaves around key support levels in the coming weeks.
Analyst Says Bitcoin Must Reclaim 90,000 Dollars After Bounce
Meanwhile, Bitcoin bounced after retesting support near the 88,000-dollar area, but trader Ted Pillows says the move remains fragile while price trades under 90,000 dollars. He views 90,000 dollars as a short-term pivot: a clean break and daily close above that level would confirm that buyers have regained control and open room toward the next resistance band around the low-90,000s. The chart shows stacked supply zones above, with heavier resistance sitting closer to 98,000–102,000 dollars.
Bitcoin Support And Resistance Levels. Source: Ted Pillows / TradingView
However, Ted warns that rejection below 90,000 dollars would keep Bitcoin locked in a tight range and likely send it back to the 87,000–88,000-dollar support. A clear loss of that floor could expose deeper demand areas in the low-80,000s, where an earlier consolidation zone appears on the chart. For now, the structure leaves BTC at an inflection point, with traders watching whether price can flip 90,000 dollars from resistance into support.
Source: https://coinpaper.com/12915/old-bitcoin-wallets-wake-up-after-13-years-as-analysts-clash-over-90-k
