Over 200k BTC Moves to Strong Hands After Weekends Liquidation
Over 200k BTC were moved to strong hands or accounts known for HODLing, on-chain data shared by a crypto analyst on Apr 19reveals. It is less than 24 hours following a crash that saw BTCUSD prices fall to $53k in a massive liquidation. Analysts pin the sell-off to illiquid markets and a potential halving of hash rate over the weekend. The Bitcoinprice remains in range but within an uptrend, steadying above $54k.
Some analysts are concerned about a potential overvaluation in crypto that translates to fragile price action characterized by light trading volumes. Notably, the BTCUSD price rally above $62k to new all-time highs was with shallow trading volumes. This didn't sustain the uptrend even at the expense of the trading community's excitement. With theprice shock, it has now emerged that bulls are flowing back. They are loading the dips and taking a big chunk of the already scarce coins out of circulation, offering support to BTC/USD prices.
Impact on the BTC Price:
Bullish. Technical candlestick arrangement points to buyers. However, for trend continuation, a close above $64k, reversing Apr 18 losses with high trading volumes could push Bitcoin prices and valuation to $93k and over $1.5 trillion, respectively.
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