Bitcoin Targets $117,000 Breakout Following Reactivation of Dormant Wallets

• Bitcoin gains momentum as dormant wallets reactivate after more than a decade, boosting investor optimism.
• Three long-inactive BTC addresses, worth $108.5 million, came alive, highlighting massive unrealized gains.
• Technical charts show strong support levels forming, with analysts eyeing a breakout above $117,000.

Bitcoin is gaining momentum with both price action and charts technically pointing to essential turning points. Dead addresses being revived for the first time in a decade and strong support levels being created are bringing cheer for investors. Technical analysts are citing the next couple of days as being decisive for BTC’s massive movement.

Currently, Bitcoin is trading at $114,952 with a 24-hour trading volume of $71.77 billion and a market capitalization of $2.29 trillion. Bitcoin’s price has risen by 0.89% in the past 24 hours, reflecting steady buying interest in the market.

Source: CoinMarketCap

Three Dormant Bitcoin Wallets Reactivated

Prominent crypto analyst Ted highlighted that three dormant Bitcoin addresses came alive again after remaining inactive for 13 years. The three addresses are collectively valued at around $108.5 million in BTC.

Source: X

Moreover, Ted noted that BTC was originally bought when the BTC price was $12. Today’s value is so massive that Ted humorously compared the leap to “flipping a Honda City into a Cruise.

Also Read | Bitcoin’s Growth Explodes: Will $116K Resistance Trigger Further Gains?

Bitcoin Shows Strong Recovery and Eyes Key Resistance

On the technical side, analyst Alfa Crypto Signal pointed out that BTC was able to recover a key horizontal level on the daily chart, turning it into strong support. This indicates that buying pressure is currently strong and pushing the price higher. The key test lies near the $117,000 level, which was the previous swing high.

Source: X

Analysts say that if BTC were to break above $117K, that level would be a favorable target for short sellers hoping for a turnaround. Anything above BTC’s historic high, however, would invalidate that hypothesis and keep the door open for further continuation within its long-term upward pattern.

Eyes are fixated on the $117K level for the time being, as that may determine BTC’s next significant movement within the next few weeks.

Also Read | Bitcoin Price Stuck Between $110K–$116K: Will Derivatives Decide the Next Move?