• BTC was up by 2% in the last 24 hours.
• Metrics suggested that selling sentiment was dominant in the market.

Bitcoin’s [BTC] 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. 

Selling pressure on Bitcoin went up

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.

Lookonchain’s latest tweet revealed that a Binance deposit wallet moved 4,637 BTC, which were worth over $329 million to a Binance hot wallet. Coincidentally, the deposit wallet also moved 4,876 BTC, worth $319 million, to Binance Hot Wallet during the BTC drop on the 5th of March.

AMBCrypto reported earlier how BTC’s liquidation increased during the price correction. To be precise, Bitcoin’s liquidation volume surged to over $143.6 million on the 14th of March.

IntoTheBlock’s recent tweet also highlighted that selling pressure on BTC was high. As per the tweet, over $750 million in BTC was withdrawn from exchanges, the highest since May 2023. The majority of these sell-offs originated from Bitfinex and Kraken.

Bitcoin’s path to recovery 

Despite the rise in liquidation, BTC managed to somewhat recover from the horrors as its daily chart turned gree

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Author: Dipayan Mitra

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