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<p>The post <a href="https://coinpedia.org/news/bitcoin-whale-buys-big-as-price-struggles-at-200-ema-bullish-signal-or-what/" rel="noopener noreferrer nofollow">Bitcoin Whale Buys Big as Price Struggles at 200 EMA, Bullish Signal or What?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>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. Amid this struggle, a whale wallet address “3G98jS” found this as a perfect opportunity and purchased over 322 BTC worth $19 million from Binance, as reported by an on-chain analytic firm Eyeonchain.&nbsp;</p>
<h2 class="wp-block-heading" id="h-whale-s-aggressive-btc-accumulation"><strong>Whale’s Aggressive BTC Accumulation</strong></h2>
<p>With this recent purchase, the whale’s BTC holding increased to 8,881 coins worth $523 million. However, since the BTC price has been struggling to break this 200 EMA for the last six days, this whale has added over 2,322 BTC worth $136 million, during the same period. This shows that it is an ideal buying level for investors.</p>
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   <p lang="en" dir="ltr">Whale on a Buying Spree: Adds 322.37 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($19M) to Holdings, Now Holds 8,881 BTC ($523M) <br><br>A whale has made yet another significant purchase, adding 322.37 BTC ($19M) to their holdings just 1 hour ago. This brings their total to 2,322.37 BTC ($136M) bought in the past 5 days. <a href="https://t.co/IGpThbZlrv" rel="noopener noreferrer nofollow">pic.twitter.com/IGpThbZlrv</a></p>— EyeOnChain (@EyeOnChain) <a href="https://twitter.com/EyeOnChain/status/1830942002302591445?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 3, 2024</a>
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<p>In addition to the recent accumulation, whales and sharks have purchased over<a href="https://coinpedia.org/news/bitcoin-whales-collect-133-3k-btc-from-retail-sellers/" rel="noopener noreferrer nofollow"> 133.3K BTC from retail investors</a> who sold in a panic over the past few weeks, as reported by CoinPedia on August 29, 2024.</p>
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-key-levels"><strong>Bitcoin Technical Analysis and Key Levels</strong></h2>
<p>According to expert technical analysis, BTC is in a downtrend and currently experiencing strong resistance from the 200 EMA. Meanwhile, its Relative Strength Index (RSI) is in an oversold territory, indicating a potential trend reversal.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1-1024x449.png" alt="" class="wp-image-346708" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/03191918/BTCUSDT_2024-09-03_19-18-32-1.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>Based on the price action, if BTC breaks out of the current resistance level and closes a daily candle above $59,700, there is a high chance Bitcoin’s price could soar to the $61,500 level.</p>
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-support-positive-outlook"><strong>Bullish On-Chain Metrics Support Positive Outlook</strong></h2>
<p>As of now, the BTC’s on-chain metrics indicate a bullish signal. According to the on-chain analytic firm CryptoQuant, BTC’s exchange reserve metric signals a bullish outlook, currently at its lowest level in the last 30 days. This metric also suggests an ideal buying opportunity.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="576" src="https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-1024x576.png" alt="" class="wp-image-346709" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-1024x576.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-300x169.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-768x432.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-1536x864.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-2048x1152.png 2048w, https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-390x220.png 390w, https://image.coinpedia.org/wp-content/uploads/2024/09/03192014/Bitcoin-Exchange-Reserve-All-Exchanges-1-150x84.png 150w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: CryptoQuant
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<p>Additionally, another on-chain metric named BTC exchanges inflow, is also at its lowest level, indicating a potential buying signal.</p>
<p>At press time, BTC is trading near the $59,000 level and has experienced a price surge of over 1.25% in the last 24 hours. Meanwhile, its <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow">open interest </a>has jumped by 1.15% during the same period, suggesting growing demands from investors amid price decline.</p>

Bitcoin Whale Buys Big as Price Struggles at 200 EMA, Bullish Signal or What?

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