7,831 BTC Moved From Coinbase To Cold Wallets As BTC Targets $46,000

Whale Alert, a popular cryptocurrency tracking service, has discovered two significant BTC transfers from the Coinbase exchange to wallets belonging to an unknown crypto investor.

This was accomplished while Bitcoin was trading above $41,000 and was projected to return to the $46,000 range.

$330.3 million in Bitcoin on the move

As has been reported by the aforementioned crypto tracker, anonymous whales have made two transactions to withdraw a total of 7,831 Bitcoins to their addresses 19rTnWD1ZbUE7B9q1WZx2ZiswjiyyMUYbc and bc1q57lzn64qpmrc3289jarge3g7nmlfwqu8jfdev0 from Coinbase exchange.

These whales took 6,018 and 1,813 BTC, respectively, worth $254,646,370 and $75,743,920 BTC.

According to BitInfoCharts, after today’s incoming transaction, the second address has zero Bitcoin. The first address, which received 6,018 BTC, still has the amount of Bitcoin it received in its balance.

It received 300 BTC on March 25 as well, but it sent them out the same day.

Bitcoin targets $46,000 via this bullish pattern

In a recently published tweet, founder of Crypto Capital Venture Dan Gambardello stated that he expects the next target for the Bitcoin price to be $46,000.

He believes the price surge may happen as Bitcoin is going through a Head & Shoulders inverse pattern.

Here’s what’s pushing BTC price up

On-chain data vendor IntoTheBlock has shared a possible reason for Bitcoin demonstrating a rise over the past few days. On April 11, the global flagship cryptocurrency dropped below the $42,900 level and hit a low of $39,000 on April 18.

Today, Bitcoin has added 2.89%, rising from $41,367 to $42,563.

Data provided by IntoTheBlock shows that the Bitcoin price is being propelled by its close correlation to the Nasdaq and S&P 500 indexes.

The latter is showing a rise at the moment, trading at $4,459. It has recovered from $4,391. The Nasdaq Composite index is also showing a rise, going up to 160 EUR from 158 EUR.

On March 29, the S&P 500 was trading at $4,631, while Bitcoin was changing hands at $47,536.

The correlation between Bitcoin and traditional financial markets is at its highest value of 2022 so far.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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