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Crypto on-chain trackers have traced several transfers totaling $2.93 billion from a wallet tagged as Mt.Gox.
The BTC wallet that received the transfer holds over 42,909 Bitcoin per blockchain intelligence firm PeckShield.
Bitcoin hovers around $68,000 on Tuesday, wiping out 2.30% of its value on the day.
Bitcoin hovers around the $68,000 level on May 28, Tuesday as market participants brace for Mt.Gox transfers of BTC. The defunct crypto exchange’s wallet, tracked by on-chain intelligence trackers, have made BTC transfers to a new wallet.

The new wallet holds nearly $2.93 billion in Bitcoin at the time of writing.

Mt.Gox transfers rattle BTC holders

According to a Bloomberg report from April 2024, Tokyo-based Mt.Gox was once the largest Bitcoin exchange in the world. In 2011, the exchange platform was hacked, and it went bankrupt in 2014. In 2023, US prosecutors accused two Russian nationals of conspiracy to break into the now-defunct exchange’s servers.

The exchange is set to pay back lost Bitcoin to its users, to the tune of $9 billion. In April 2024, Mt.Gox pushed back the repayment deadline by twelve months.

Some creditors said they had received updates on their claims, and users shared details on social media platforms, stating that the exchange has stepped up its efforts to pay back lost assets.

Updates on Reddit and social media platform X show the number of crypto tokens to be returned, alongside repayment dates in some claims.

Blockchain intelligence firm PeckShield identified the transfers from wallets tagged as Mt.Gox and shared the details in a tweet on X.

After several BTC transfers out of the wallet tagged as Mt.Gox, the new wallet holds $2.93 billion in Bitcoin. $BTC #MtGox #MicroStrategy

The live Bitcoin price today is $68,033.79 USD with a 24-hour trading volume of $430.62M USD. The table above accurately updates our BTC price in real time. The price of BTC is down -0.08% since last hour, down -0.9% since yesterday. The live market cap, measured by multiplying the number of coins by the current price is $14.25B USD. BTC has a circulating supply of 19.70M coins and a max supply of 21.00M BTC.$BTC

Will Solana rise or fall?
SOL price forecasts for 2024

For that reason, the analysts at Coinpedia are predicting a bullish trend that, if sustained through the year, may see Solana rise to a record high near the $500 mark. However, if the positive sentiment fails to stick, they predict SOL could end up settling in the $90 range.$SOL

If a spike in this on-chain metric is noted after a crash or during a consolidation, it most likely means that these investors are accumulating. On the contrary, if this index spikes after a rally, it suggests that these investors could be looking to sell their holdings.

Between April 12 and May 21, the Whale Transaction Count index showed consistent spikes during the dips, showing that institutional investors were accumulating. This development adds credence to the bullish thesis explained from a technical perspective.

SHIB Whale Transaction Count

Furthermore, a quick look at IntoTheBlock’s signals shows that the overall outlook for SHIB is bullish. Net network growth, larger transactions and other metrics are forecasting an optimistic outlook for Shiba Inu.

SHIB Signals

Although the outlook for Shiba Inu price is bullish, investors need to be cautious of a sudden downturn in the crypto market sentiment. In case of a spike in selling pressure that pushes SHIB to produce a daily candlestick close below $0.0000210, it would create a lower low and invalidate the bullish thesis.

Such a development could see SHIB crash 20% to the next key support level at $0.0000168.$SHIB #SHIB

Shiba Inu price has breached a two-month consolidation, indicating its readiness to move.
Investors can expect SHIB to rally 25% and tag the $0.0000315 resistance level.
Invalidation of the bullish thesis will occur on the daily candlestick close below the $0.0000210 support level.
Shiba Inu (SHIB) price continues its struggle above a key hurdle. This development comes as SHIB, an ERC-20 meme coin, reacts to the Ethereum spot ETF approval news. The uptrend is likely to pick up as the ETF approval deadline nears. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.

Also read: Week Ahead: Ethereum and DeFi to come under spotlight this week

Shiba Inu price poised to move higher
Since setting up a local top at $0.0000457 on March 5, the Shiba Inu price has produced lower lows and lower highs. Drawing a trend line connecting these swing points shows a declining trend line, which was breached on May 20. This daily candlestick close above the declining trend line and above the horizontal support level of $0.0000253 is a sign of an uptick in buyer pressure.

Going forward, investors can expect SHIB to form a base above $0.0000253 and kickstart a 25% recovery rally to the $0.0000315 resistance level. In a highly bullish scenario, investors can expect the dog-based meme coin to retest $0.0000355, the midpoint of the $0.0000253 to $0.0000457 range.

The Relative Strength Index (RSI) has flipped the 50 mean level into a support floor, showcasing the spike in bullish momentum. The same can be seen with the Awesome Oscillator (AO), which has recovered above the zero mean level.

With a clear rise in bullish momentum and SHIB clearing key technical levels, a breakout rally is just around the corner.

SHIB/USDT 4-hour chart

The consolidation seen in the past two months was a good accumulation zone, which can be confirmed by Santiment’s Whale Transaction Count indicator. This index tracks transactions that are $100,000 or higher and can be used as a proxy for institutional investors’ activity.
$SHIB $DOGE

Bitcoin Technical Analysis & Price Forecast

Aiming to provide accurate and actionable information to its broad reader base, NewsBTC delivers regular bitcoin analysis made by seasoned experts in the field.

The benefits of bitcoin technical analysis are plentiful. Perhaps one of the biggest benefits of timely technical analysis is the fact that it helps investors, as well as traders, predict the market trend.

Sideways moves, uptrends, downtrends - all of them can potentially be predicted by a thorough, well-researched latest bitcoin analysis.

Additionally, bitcoin price analysis could essentially help the investor or the trader determine the best and most profitable entry and exit points. When it comes to trading, timing is critical. With the help of well-made bitcoin technical analysis, one can potentially determine the best time to enter and to exit a trade, thereby allowing for better returns.

All of the above aside, a BTC price analysis provides a lot of precious information, helpful for both short term trading and long term investing. Technical charts give a lot of insights which can help traders and investors enter the right positions at the right time.

Change your mind set and go ahead #BTC #ARB #qoutes

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