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Bitcoin [BTC]'s price recently underwent a significant correction, touching the $67,000 mark. However, the cryptocurrency king has bounced back from this recent plunge and managed to paint its daily chart green.
Let's take a look at the status of BTC and the performance of different exchanges and investors throughout the event.
Increased Selling Pressure on Bitcoin
On March 15th, Bitcoin's price suffered a major blow, dropping to $67,200. The performance of major exchanges and investors during this price plunge was interesting.
According to the latest developments by Whale Alert, it was revealed that Binance's deposit wallet transferred 4,637 BTC to the Binance hot wallet, worth over $32.9 billion. Similarly, during the BTC dip on March 14th, the deposit wallet also transferred 5 BTC (worth $35 million) to the Binance hot wallet.
As reported by AMBCrypto earlier, Bitcoin liquidations increased during the price adjustment period. Specifically, on March 14th, Bitcoin's liquidation volume surged to over $14.36 billion.
A recent tweet by IntoTheBlock also highlighted significant selling pressure on Bitcoin. According to the tweet, over $75 billion worth of BTC was withdrawn from exchanges, the highest level since March 2023. Most of these sales came from Bitfinex and Kraken.
Bitcoin's Road to Recovery
Despite the increased liquidation volume, BTC has managed to recover from the panic as indicated by the green daily chart. According to CoinMarketCap, Bitcoin surged over 24% in the past 24 hours. As of writing, the BTC trading price is $68,996.20, with a market cap exceeding $1.36 trillion.
As the cryptocurrency king is recovering, AMBCrypto plans to examine its indicators to see what they have to say. Analysis data from CryptoQuant reveals that BTC's foreign reserves are decreasing, indicating a decrease in selling pressure.
However, the remaining indicators appear bearish. For example, its aSORP is in red, suggesting more investors are profitably selling. Its binary CDD also remains red, indicating that long-term holders' movement over the past 7 days is higher than average. This could have a negative impact if moving to sell. Additionally, with BTC's Coinbase and Korea premiums in red, selling sentiment among US and Korean investors still predominates.
Technical indicator MACD shows bearish crossover, providing support for sellers. Bitcoin's Relative Strength Index (RSI) also looks fairly bearish during the downturn. These indicators suggest a high likelihood of Bitcoin becoming a victim of price adjustment once again. |
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Post time 27-3-2024 15:44:39