Bitcoin (BTC) recently underwent one of its biggest corrections since the beginning of the year.
After being killed on the 14th. After hitting a new all-time high of nearly $65,000 on April 1, the world’s largest cryptocurrency by market capitalization dipped 7.50 percent. But losses rose rapidly on April 18, after a power outage in Xinjiang, China, forced many bitcoin miners to cease operations.
Bitcoin’s market value fell 16.70 percent to a one-month low of $50,050 as the network’s hash rate halved. Data from Bybt shows that $4.87 billion in BTC long positions have been liquidated worldwide as a result of the sudden drop.
While cryptocurrency enthusiasts trembled with fear, major investors took advantage of the price action to buy the asset at a discount. The bitcoin stock distribution chart shows that the cryptocurrency, popularly known as Wale, is worth millions and prices have fallen.
About 16 new whales, containing between 100 and 10,000 bitcoins, have joined the network in such a short time.
Distribution of BTC deliveries by quantity
The recent rise in bitcoin whales may seem insignificant at first glance. However, given that these high net worth individuals own between $5.40 and $540 million in BTC, the sudden pressure on buyers could run into the millions of dollars.
Bitcoin faces strong resistance
The entry/exit model of the currency around the price (IOMAP) shows that bitcoin is facing strong resistance. Based on this foundation, over 1.38 million addresses have purchased over 800,000 BTC worth between $54,250 and $55,150.
As a result, further price recovery may prove difficult. Only a daily candle near this supply barrier can serve as confirmation for further rises.
In/Out of Money Around Price by IntoTheBlock
If bitcoin fails to overcome the prevailing resistance, we could see a collapse. The IOMAP teams show that a further increase in selling pressure could push bitcoin towards the next critical demand barrier of $50,000. There are about 560,000 addresses that hold more than 366,000 BTC.
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