Bitcoin Fails to Reach Recovery Levels as Dormant Coins Flood Exchanges

Bitcoin briefly tested its recovery levels around $63,300 on August 2, but the rebound fizzled out without reaching the 0.236 Fibonacci retracement near $63,600.

The price of Bitcoin hovered at approximately $63,050 by the time of writing, leaving the daily candle below the moving average.

Meanwhile, older coins have been making their way back to Coinbase, with inflows from dormant supplies increasing sharply.

A CryptoQuant analysis revealed that coins that had remained inactive for two to seven years have seen a significant rise in exchange inflows, with the three-to-five-year cohort experiencing an approximately 595% increase above its quarterly baseline.