Mt. Gox Moves Billions Worth of Bitcoin (BTC) as the Asset Price Finds Support at the 200 EMA

Bitcoin (BTC), the world's largest cryptocurrency by market cap, has fallen below the $68,000 level as defunct Mt. Gox moves billions worth of BTC.

Bitcoin (BTC) price slipped below the $68,000 level on Friday (November 5, 2024) as the defunct cryptocurrency exchange Mt. Gox moved billions of dollars’ worth of BTC.

According to a post by the Whales transaction tracker on X (Previously Twitter), Mt. Gox moved 32,371 BTC, valued at $2.19 billion at the time of writing, from its cold wallet.

Mt. Gox’s Billion-Dollar BTC Transactions

This major BTC transfer occurred on a crucial U.S. presidential election day.

As per the data shared by Whale Tracker, 30,371 BTC was sent to the wallet address “1FG2Cv.” However, no further movement or transfer has been observed from this address.

Moreover, 2,000 BTC was moved to the cold wallet “1jbezD,” and another 2,000 BTC was transferred from Mt. Gox to the wallet address “15gNRV.”

Despite these substantial Bitcoin transfers, the asset’s price seems to be showing more resilience after slipping below the $68,000 level. Following the decline, BTC found support at the 200 Exponential Moving Average (EMA) on the four-hour time frame and is now making an upward move.

Bitcoin Price Analysis

At press time, BTC is trading around $68,150, and has experienced a 1.35% price decline in the past 24 hours. During the same period, its trading volume surged by 26%, indicating greater participation from traders and investors ahead of the U.S. election.

Bitcoin Technical Analysis and Upcoming Level

According to expert technical analysis, Bitcoin appears neutral as it currently sits at a crucial support level within the breakout zone and has also found support at the 200 EMA. However, the purpose of Mt. Gox’s substantial BTC transaction is still unknown, so there is a high chance that this did not impact the price.

Based on recent price action, if BTC closes a four-hour candle above the $69,000 level, there is a strong possibility that it could rise significantly in the coming days.

In the thriving cryptocurrency industry, whales and investors are participating actively as BTC’s large transactions have surged by 90% in the past 24 hours. These notable large transactions indicate significant participation amid the price decline ahead of the election, which is a bullish sign.

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