$355 Bitcoin Shuffle Unfolds on Coinbase as BTC Price Eyes 27% Upside

HAzK...1LLh

9 Feb 2024

AD
Subscribe

$355 Bitcoin Shuffle Unfolds on Coinbase as BTC Price Eyes 27% Upside

Gamza Khanzadaev
Bitcoin witnesses mysterious $355 million activity on Coinbase as BTC price eyes 27% upside
News
Thu, 8/02/2024 - 14:25
Cover image via www.freepik.com
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Read U.TODAY on
Google News
In a whirlwind of activity, Bitcoin has experienced a significant shuffle on the Coinbase exchange, hinting at potential bullish momentum on the cryptocurrency market. Within the span of just a few hours, a total of 4,069 Bitcoin, valued at $182.26 million, were initially transferred from an undisclosed wallet to Coinbase Institutional.

Related
'Rich Dad Poor Dad' Author Kiyosaki Sounds Alarm Amid Bank Failures, Advocates Bitcoin as Parachute
Subsequently, withdrawals totaling 2,510 Bitcoin, equating to over $112 million, were made to two separate unidentified wallets. Following this, an additional 1,359 Bitcoin, valued at $60.8 million, were transferred from Coinbase Institutional to a new undisclosed wallet, as reported by Whale Alert.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 4,069 #BTC (182,263,039 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/8PltAa5lYH
— Whale Alert (@whale_alert) February 8, 2024

This flurry of transactions, strategically timed just prior to U.S. trading hours, suggests the involvement of significant institutional investors within the United States.

Bitcoin price eyes 27% upside

In parallel with these developments, prominent crypto analyst Ali Martinez has provided insights into Bitcoin's on-chain metrics. Martinez highlights the resilience of Bitcoin, citing a significant volume of 1.02 million BTC transacted within the $42,560 price range.
Source: Ali Martinez
Such robust on-chain activity suggests strong support for Bitcoin at this critical level. Martinez also identifies key resistance levels at $47,360 and $56,970, indicating potential price targets for an upward trajectory.
Related
Satoshi Nakamoto 'Appears' on Times Square in New York City
If Martinez's projections materialize, with Bitcoin reaching the upper resistance level of $56,970 per coin, it would signify a remarkable 27% increase from the current market price. Investors are eagerly watching to see whether the recent flurry of BTC transfers on Coinbase will indeed propel the cryptocurrency toward these anticipated highs, or if unforeseen factors will dampen its ascent.

#Bitcoin #Bitcoin Price #Bitcoin News
About the author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
2024/02/08 14:32
Shiba Inu Makes Epic Maneuver as SHIB Price Headed to $0.00001
Godfrey Benjamin
2024/02/08 14:32
Binance Issues Important Announcement for Crypto Community
Tomiwabold Olajide
2024/02/08 14:32
Cardano (ADA) Adds $2 Billion in 24 Hours Amid 62% Volume Surge
Gamza Khanzadaev

Top
Crypto
News
in
Your
Mailbox
Subscribe

BTC
$ 46,211.5 (3.73%)
Last updated: Just now
USD Vol: $ 1.82 B
Mkt Cap: $ 906.79 B
All Vol: $ 18.89 B

Subscribe
Price Index
Bitcoin
Ethereum
XRP
Show all