Bitcoin’s [BTC] price witnessed a major correction of late as its value touched the $67k mark, but it has shown signs of recovery
Metrics suggested that selling sentiment was dominant in the market.price witnessed a major correction of late as its value touched the $67k mark. The king of cryptos, however, recovered from that plunge and managed to paint its daily chart green.
Let’s have a look at BTC’s state and how different exchanges and investors behaved during this entire episode.Bitcoin’s price took a major blow on the 15th of March as its value touched $67,200. During that price plummet, major exchanges and investors acted interestingly.revealed that a Binance deposit wallet moved 4,637 BTC, which were worth over $329 million to a Binance hot wallet.
Since the king of cryptos was recovering, AMBCrypto planned to have a look at its metrics to see what they had to say. An analysis of CryptoQuant’sHowever, the rest of the metrics looked bearish. For example, its aSORP was red.This means that more investors are selling at a profit. Its binary CDD also remained red, suggesting that long-term holders’ movements in the last 7 days were higher than average.
If they were moved for the purpose of selling, it may have a negative impact. Additionally, selling sentiment remained dominant both among US and Korean investors as BTC’s Coinbase and Korea premiums were red.The technical indicator MACD supported the sellers as it displayed a bearish crossover. Bitcoin’s Relative Strength Index also looked pretty bearish as it went down.
These indicators suggest that the chances of BTC once again falling victim to a price correction are high.
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