Bitcoin Falls Below EMAs; Whale Withdraws $66M from OKX

Bitcoin traded below the 20-, 50-, 100- and 200-day exponential moving averages on the daily chart at about $75,567 on Wednesday. The 20-day EMA was $77,428, the 50-day $76,677, the 100-day $76,812 and the 200-day $81,367. Early Wednesday a wallet withdrew 873.29 BTC from OKX; that wallet had made smaller withdrawals over the prior week and now holds roughly 881 BTC, valued near $66.7 million.

Exponential moving averages (EMAs) are averages that weight recent prices more heavily to show short- and medium-term trend direction on the daily timeframe.

Bitcoin has closed below all four daily EMAs three times in 2026. The first occurrence, in late January, was followed by a 35.02% decline over the next two weeks. On March 26 the price dropped about 7.36% before recovering, and on May 22 it fell roughly 3.32% before rebounding into the EMA zone.

On-chain data for long-term holders provides additional context. Glassnode’s Long-Term Holder Net Position Change, which tracks wallets that have held BTC for more than 365 days, showed heavy net selling through late 2025 and around the January decline, with distributions peaking near -200,000 BTC. Since early March that metric has been in net accumulation territory for roughly three months, with daily inflows frequently above 100,000 BTC.

Price has lost roughly 2% since the EMA cluster broke. Using standard Fibonacci retracement levels of the late-March to mid-May rally, the 0.5 retracement sits at $73,873; the 0.618 level is $71,773. If the price follows the May 22 pattern, the decline may stall near $73,873 (about a 3–4% drop from the EMA breach). If it follows the March 26 pattern, $71,773 would be the next technical checkpoint (about a 6–7% decline from the EMA breach).

Reclaiming upside requires daily closes above resistance levels. A daily close above $75,973 (0.382 Fibonacci) would be an initial step, followed by a break above $78,572 (0.236 Fibonacci) to clear the EMA cluster. A clean move above $82,772 would place Bitcoin back above all the referenced moving averages.

The OKX withdrawal increased a single wallet’s holding to about 881 BTC, a sizable on-chain accumulation. In January, coordinated long-term holder selling coincided with a deeper drawdown toward the mid-$60,000 range.