Is the value of Bitcoin in danger? Mount Gox turns billions in BTC.
Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, has fallen below $68,000. In the year November 5, 2024 Whales marketing tracker wrote on X (formerly Twitter).
The Mt. Gox billion-dollar BTC transactions
This significant BTC transfer took place on the crucial US presidential election day.
According to information shared by Whale Tracker, 30,371 BTC was transferred to the wallet address “1FG2Cv”. However, no further activity or transfer has been seen from this address yet.
In addition, 2,000 BTC was moved to the cold wallet “1jbezD”, and another 2,000 BTC from mt. Gox transferred to wallet address “15gNRV”.
Despite these significant Bitcoin moves, the asset's price looks stronger after falling below $68,000. Following the decline, BTC found support at the 200 Exponential Moving Average (EMA) in the four-hour time frame and is now moving higher.
Bitcoin price analysis
At the time of publication, BTC is trading near $68,150 and has seen a 1.35% price drop in the last 24 hours. During the same period, trading volume rose by 26 percent, reflecting increased participation by traders and investors ahead of the US election.
Bitcoin technical analysis and upcoming level
According to expert technical analysis, Bitcoin is currently placed at a critical support level in the decisive zone and appears to be neutral as it has found support at the 200 EMA. However, the Mt. Gox significant BTC trading is unknown, so there is a strong possibility that this will not affect the price.
Based on the recent price action, if BTC closes the four-hour candle above the $69,000 level, there is a strong possibility that it will rise significantly in the coming days.
Whales and investors are actively participating in the struggling cryptocurrency industry, with large BTC transactions surging 90 percent in the past 24 hours. These famous large transactions highlight the high participation in the price reduction before the election, which is a bullish sign.
