Bitcoin whales reshuffle 14,500 BTC as price drops below $42,000, what’s next in 2024?

Bitcoin, the world’s first cryptocurrency launched in 2009, has recently recorded a large number of whale transfers to CEXs, once again attracting the attention of cryptocurrency market enthusiasts around the world. Notably, according to data emerging from the crypto space, as many as 14,500 BTC were transferred between unknown wallets and Coinbase, a San Francisco-based CEX.

Interestingly, whale activity surrounding Bitcoin appeared to quickly gain significant traction in the broader cryptocurrency market on Saturday, as it came amid a decline in the coin’s price. Additionally, a prominent cryptocurrency analyst has taken a closer look at Bitcoin’s current market dynamics, driving bullish inferences for the coin.

Bitcoin Whale Transfers: In-Depth Report

According to data from blockchain tracking platform Whale Alert, as many as 14,500 BTC were transferred back and forth from the famous CEX Coinbase. Additionally, according to the data, 8,936 BTC were transferred to Coinbase via unknown wallets, while 5,564 BTC were transferred from Coinbase to unknown wallets.

As far as the data is concerned, the transfer of BTC to Coinbase occurred in a series of four transactions. The first transaction to attract global market interest was the transfer of 3,144 BTC to Coinbase via the unknown wallet address 1J2rZGuvnb…kHHUyMA3r6. Additionally, a second transaction shows 3,143 BTC being transferred to the same CEX via address 1EmtKQksts…9WLmnbNz5y.

Meanwhile, a third transaction shows two wallets transferring a total of 500 BTC to Coinbase. Finally, the fourth transaction transferred 2149 BTC to Coinbase via wallet address 1PWQwQpPkA…SMAgdaEPzW.

On the other hand, the transfer of 5,564 BTC from Coinbase to an unknown wallet also occurred in four transactions. The first transaction showed 1,335 BTC transferred to address 1EyuZyu87o…PmJX5XECRb. Additionally, a second transfer describes the transfer of 1,404 BTC from Coinbase to another address, 19j41wwCHt…KPNyxqmTxN.

Meanwhile, a third whale transfer describes the transfer of 1,415 BTC to address 1EyuZyu87o…PmJX5XECRb, and the final transaction moves another 1,410 BTC to address 19j41wwCHt…KPNyxqmTxN.

Bitcoin price drops

At the time of writing, the Bitcoin price chart is showing downward momentum, falling 2.05% over the past 24 hours to $41,728. Additionally, this downward trajectory has been accompanied by a weekly plunge of 4.55%.

However, market sentiment from prominent cryptocurrency analyst Muro Crypto goes against today’s decline. Muro highlighted Bitcoin’s current closing price and claimed that the community could not have asked for a more optimistic H4 closing price. He further emphasized that he remains bullish on the coin and stated that "confidence is high now," fueling global optimism for the coin.

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