- BTC is up 2% in the last 24 hours.
- The metrics suggested that selling sentiment prevailed in the market.
Bitcoins [BTC] The price recently witnessed a significant correction as its value reached the $67,000 mark. However, the king of cryptos recovered from this dip and managed to turn its daily chart green.
Let’s take a look at the state of BTC and how various exchanges and investors behaved throughout this entire episode.
Selling pressure on Bitcoin has increased
The price of Bitcoin suffered a major blow on March 15 when its value reached $67,200. During this price drop, major exchanges and investors behaved interestingly.
The latest from Lookonchain tweet revealed that a Binance deposit wallet transferred 4,637 BTC worth over $329 million to a Binance hot wallet. Coincidentally, the deposit wallet also transferred 4,876 BTC worth $319 million to Binance Hot Wallet during the BTC decline on March 5th.
AMBCrypto reported previously how BTC liquidation increased during the price correction. To be precise, Bitcoin’s liquidation volume rose to over $143.6 million on March 14th.
IntoTheBlock is new tweet also emphasized that selling pressure on BTC is high. According to the tweet, over $750 million in BTC was withdrawn from exchanges, the highest since May 2023. The majority of these selloffs came from Bitfinex and Kraken.
Bitcoin's path to recovery
Despite the spike in liquidations, BTC managed to recover somewhat from the scares as its daily chart turned green. Accordingly CoinMarketCapBitcoin is up more than 2% in the last 24 hours.
At the time of writing, BTC was trading at $68,996.20, with a market cap of over $1.36 trillion.
With the king of cryptos recovering, AMBCrypto planned to take a look at its metrics to see what they had to say. An analysis by CryptoQuant Data revealed that BTC's foreign exchange reserves were decreasing, which meant selling pressure was easing.
However, the other metrics looked pessimistic. For example, his aSORP was red.
Source: CryptoQuant
This means more investors are selling for a profit. Its binary CDD also remained red, indicating that long-term holders’ movements over the past 7 days were above average.
If they have been moved for the purpose of selling, this can have a negative impact. Additionally, selling sentiment remained prevalent among both US and Korean investors as BTC's Coinbase and Korea premiums were in the red.
Source: CryptoQant
To read BTCs [BTC] Price prediction 2024-25
The MACD technical indicator supported the sellers as it showed a bearish crossover. Bitcoin's Relative Strength Index (RSI) also looked quite bearish on its decline.
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These indicators suggest that there is a high chance that BTC will fall victim to a price correction again.
Source: TradingView
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