News View Non-AMP

Bitcoin Price at Risk? Mt. Gox Shifts Billions in BTC

Published by
Zameer Attar

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. On November 5, 2024, the Whales transaction tracker made a post on X (Previously Twitter) that Mt. Gox had moved a substantial 32,371 BTC worth $2.19 billion, from its cold wallet.

Mt. Gox’s Billion-Dollar BTC Transactions

This significant BTC transfer took place on a crucial U.S. presidential election day.

According to the data shared by Whale Tracker, 30,371 BTC was transferred to the wallet address “1FG2Cv.” However, no further movement or transfer has been witnessed from this address yet.

Additionally, 2,000 BTC has been 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 price appears more resilient after falling below the $68,000 level. Following the decline, BTC has found support at the 200 Exponential Moving Average (EMA) in the four-hour time frame and is now moving upward.

Bitcoin Price Analysis

At press time, BTC is trading near $68,150 and has experienced a price decline of 1.35% in the past 24 hours. During the same period, its trading volume jumped by 26%, indicating increased 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 remains unknown, so there is a strong possibility that this has not impacted the price. 

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

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

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Bitcoin Slips as Trump Threatens to Send Elon Musk Back to South Africa in Fiery Feud

The crypto market opened the week on a volatile note as Bitcoin prices dipped slightly…

July 1, 2025

$16.1m Bet on PEP-20: How Bitcoin’s New Token Standard Went Viral

How did a meme ICO raise millions and force two major exchanges to move before…

July 1, 2025

These 5 Market Makers Are Dominating the Crypto Exchange Landscape

In crypto, market makers are effectively the industry’s kingmakers. Silent engines whose capital reserves and…

July 1, 2025

Crypto Clash in Congress: Senate Kills Bill Barring Politicians From Profiting on Crypto

US Senator Jeff Merkley, a Democrat from Oregon, recently introduced an amendment to the “Outlaw…

July 1, 2025

Bitcoin, Ethereum & XRP Price Prediction for July 2025

The crypto market cap today has nudged up 0.42% to $3.3 trillion, reflecting a cautiously…

July 1, 2025

Crypto Hacks in H1 2025 Exceed $2.2B

The crypto industry lost over $2.2 billion in the first half of 2025 due to…

July 1, 2025