Whale Alert: 322 BTC Worth $19M Purchased as Bitcoin (BTC) Price Struggles to Break 200 EMA Resistance

In the current bearish market sentiment, Bitcoin's (BTC) price facing strong resistance from the 200 Exponential Moving Average (EMA) on a daily time frame.

A whale wallet address “3G98jS” has purchased over 322 BTC, valued at approximately $19 million, from Binance. This substantial acquisition was highlighted by Eyeonchain, an on-chain analytic firm.

With this latest purchase, the whale's BTC holdings have increased to 8,881 coins, with an estimated value of $523 million. Notably, over the past six days, as BTC price encountered resistance at the 200 EMA, this whale has aggressively accumulated over 2,322 BTC, valued at $136 million, during the same period.

As BTC price continues to encounter strong resistance at the 200 EMA, and considering the whale's significant buying activity at this level, it suggests that it may be an ideal buying zone for investors.

According to our previous CoinPedia report on August 29, 2024, whales and sharks have collectively purchased over 133.3K BTC from retail investors who sold in a state of panic over the past few weeks.

Bitcoin Technical Analysis and Key Levels

Expert technical analysis indicates that BTC is currently experiencing a downtrend and encountering strong resistance at the 200 EMA. Simultaneously, its Relative Strength Index (RSI) is positioned within the oversold territory, suggesting a potential trend reversal.

Observing the price action, if BTC manages to break out of the current resistance and concludes a daily candle above $59,700, it could propel Bitcoin's price towards the $61,500 level.

Bullish On-Chain Metrics Bolster Positive Outlook

Several on-chain metrics are signaling a bullish outlook for BTC. As highlighted by the on-chain analytic firm CryptoQuant, BTC's exchange reserve metric, currently at its lowest level in the last 30 days, suggests a bullish scenario and an ideal buying opportunity.

Furthermore, another on-chain metric, BTC exchanges inflow, is also indicating a potential buying signal, as it has reached its lowest level.

At press time, BTC is trading close to the $59,000 level, having experienced a price surge of over 1.25% in the last 24 hours. Notably, its open interest has also increased by 1.15% during the same period, suggesting growing demand from investors despite the declining price.

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