In the midst of a bearish market, Bitcoin's price is encountering significant resistance at the 200 Exponential Moving Average (EMA) on the daily chart. Despite this challenge, an influential whale wallet address, '3G98jS', seized the moment to acquire over 322 BTC, valued at $19 million, from the Binance exchange.
This strategic move was highlighted by an on-chain analytics firm, suggesting that the whale's big buy could be a bullish signal for the market. It shows a positive bet on Bitcoin's future performance during a time of apparent price stagnation.
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