$58,900 Perfect for Bitcoin (BTC), Here's Why
2024-08-29

The current price of Bitcoin is at roughly $58,900. This seems to be a good place for big investors, or whales and sharks, as Santiment's data suggests. These holders who oversee wallets holding between 10 and 10,000 BTC have been adding coins to their holdings steadily over the past month, totaling 133,300 BTC. 
It appears that even as smaller traders sell off their holdings, these seasoned investors still find substantial value in Bitcoin at current prices. Larger investors find $58,900 to be an appealing price because of their approach. Since they have the money and the patience to wait for long-term gains, whales and sharks typically purchase during uncertain market times or when prices are falling. BTCUSDT Chart by TradingView
They are probably setting themselves up for future profits by building at this point, believing that Bitcoin will eventually rise again and reach all-time highs. Irrespective of short-term market fluctuations, their accumulation pattern indicates a strong belief in the long-term value of Bitcoin. 
This idea is further supported by the given Bitcoin price chart. According to the chart, Bitcoin has been moving in a downward channel, with the $58,900 mark serving as a critical support level. Additionally, the 200-day Exponential Moving Average (EMA) coincides with this level. 
The notion that this price is a good accumulation zone for larger investors is strengthened by the fact that Bitcoin is finding support around there. Furthermore, the chart shows that bullish momentum is not yet fully in play because Bitcoin has had difficulty breaking above the 50-day EMA. 
But whales' consistent accumulation indicates that they might be getting ready for an impending breakout. A fresh uptrend on Bitcoin may be possible if it can hold support at $58,900 and eventually break through the 50-day EMA.