Market analysis: BTC long-term holders’ unusual movements increase the rhythm of market cleansing

According to analysts, the BTC price fluctuations increased, and the price drop easily expanded to around $50,000 during the period of price rise and fall, and the pace of market cleansing accelerated. At the same time, the increase in short-term transactions by long-term investors has exacerbated the price volatility of BTC.

The data of coin destruction shows that after the recent acceleration of BTC adjustment, long-term coin holders have accelerated their trading pace. Whether it is due to BTC transfer or simple short-term trading, the amount of change reached 72.28 million US dollars on March 24, an increase of 1.57 times compared with 28.07 million US dollars on March 23. If it is just a wash target, then the impact on the price is undoubtedly deepening. In the short term, BTC prices still have the potential to fluctuate and increase.

In terms of daily K-line, BTC easily fell below the 60-day moving average and continued to move towards the 60-day moving average of $48,080. At the same time, the Fibonacci 23.6% corresponding to $47,959 is also an important support line. The two important support lines are at similar points, close to the current BTC price of $52,000, and the possibility of a callback is high.

As for mainstream currencies, most currencies failed to maintain strong prices, and the adjustment expectations deepened. NFT concept currency THETA fell from a high level, UNI fell sharply after all the positive news came out, DOT retreated 26%, and ETH fell in tandem with BTC.

In terms of trend judgment, BTC is currently continuing its third large-scale adjustment trend this year. Although the important 60-day and 120-day moving averages of the bull market are not broken, the adjustment expectations of BTC are strong, and the rebound still needs to wait patiently for BTC to give a buy signal in terms of price.