{"id":376803,"date":"2024-03-16T20:00:21","date_gmt":"2024-03-16T14:30:21","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=376803"},"modified":"2024-03-16T15:14:53","modified_gmt":"2024-03-16T09:44:53","slug":"bitcoin-bulls-aim-for-72k-but-heres-why-the-move-may-not-be-easy","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-bulls-aim-for-72k-but-heres-why-the-move-may-not-be-easy\/","title":{"rendered":"Bitcoin bulls aim for $72K again, but here&#8217;s why it may not be easy"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC was up by 2% in the last 24 hours.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Metrics suggested that selling sentiment was dominant in the market.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> 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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s have a look at BTC\u2019s state and how different exchanges and investors behaved during this entire episode.\u00a0<\/span><\/p>\n<h4><b>Selling pressure on Bitcoin went up<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s 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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lookonchain\u2019s latest <\/span><a href=\"https:\/\/twitter.com\/lookonchain\/status\/1768509208750965222?t=txAQ8HjiUXmsZVS6B_3vBA&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> 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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoins-tumble-to-67k-causes-over-200m-in-liquidation-what-now\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier how BTC\u2019s liquidation increased during the price correction. To be precise, Bitcoin\u2019s liquidation volume surged to over $143.6 million on the 14th of March. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">IntoTheBlock\u2019s recent <\/span><a href=\"https:\/\/twitter.com\/intotheblock\/status\/1768592828362289234?t=BHoMNw6t28_8n2i0fRjxkQ&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<h4><b>Bitcoin\u2019s path to recovery\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Despite the rise in liquidation, BTC managed to somewhat recover from the horrors as its daily chart turned green. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, Bitcoin was up by more than 2% in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, BTC was trading at $68,996.20 with a market capitalization of over $1.36 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC\u2019s exchange reserve was decreasing, meaning that selling pressure dropped.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, the rest of the metrics looked bearish. For example, its aSORP was red.<\/span><\/p>\n<figure id=\"attachment_376804\" aria-describedby=\"caption-attachment-376804\" style=\"width: 1984px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-376804 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM.png\" alt=\"\" width=\"1984\" height=\"666\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM.png 1984w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM-300x101.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM-1024x344.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM-768x258.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM-1536x516.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.32.27\u202fAM-1200x403.png 1200w\" sizes=\"(max-width: 1984px) 100vw, 1984px\" \/><\/a><figcaption id=\"caption-attachment-376804\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This means that more investors are selling at a profit. Its binary CDD also remained red, suggesting that long-term holders&#8217; movements in the last 7 days were higher than average. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s Coinbase and Korea premiums were red.\u00a0<\/span><\/p>\n<figure id=\"attachment_376805\" aria-describedby=\"caption-attachment-376805\" style=\"width: 1980px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-376805 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM.png\" alt=\"Selling sentiment around Bitcoin is dominant \" width=\"1980\" height=\"560\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM.png 1980w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM-300x85.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM-1024x290.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM-768x217.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM-1536x434.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/Screenshot-2024-03-16-at-10.33.17\u202fAM-1200x339.png 1200w\" sizes=\"(max-width: 1980px) 100vw, 1980px\" \/><\/a><figcaption id=\"caption-attachment-376805\" class=\"wp-caption-text\">Source: CryptoQant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The technical indicator MACD supported the sellers as it displayed a bearish crossover. Bitcoin\u2019s Relative Strength Index (RSI) also looked pretty bearish as it went down. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These indicators suggest that the chances of BTC once again falling victim to a price correction are high.\u00a0<\/span><\/p>\n<figure id=\"attachment_376806\" aria-describedby=\"caption-attachment-376806\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18.png\"><img decoding=\"async\" class=\"wp-image-376806 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18.png\" alt=\"\" width=\"2560\" height=\"1432\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18-1024x573.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18-768x430.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18-1536x859.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18-2048x1146.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/BTCUSD_2024-03-16_10-38-18-1200x671.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-376806\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><br style=\"font-weight: 400;\" \/><br style=\"font-weight: 400;\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the price dip, selling pressure on Bitcoin increased substantially, but things were changing.<\/p>\n","protected":false},"author":75,"featured_media":376807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-376803","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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