Bitcoin fell to $70,452 on March 19, falling under selling pressure due to recent weakness. On-chain data reveals that large amounts of long-held Bitcoins have been released and experienced investors are turning to profit taking.
Price Movements and Critical Levels on the Chart
The hourly chart on the Binance exchange shows an opening around $74,000 on the morning of March 18, while the price remained horizontal throughout the day in the range of $74,000 to $74,500. At noon, the 50-hour moving average caught the price from above and it was observed that the sellers came to the fore from this level onwards.
Selling pressure became especially evident at noon on March 18. A series of voluminous red candles briefly pulled the price from $74,500 to $73,000, then to $72,000 and $71,500. The largest volume bar signals that this pullback was strongly triggered by sellers. The price, which found balance around $71,000 in the evening, could not show a meaningful recovery throughout the night.
Latest Status in RSI Indicator
On the morning of March 19, sales accelerated again and Bitcoin dropped below $71,000 to $70,400. With the increase in volume, especially in the early morning hours, the price tested $69,500 for a short time, but then rose to $70,452 with a partial recovery. The 50-hour moving average remains at $72,706 and does not currently support the price.
The RSI indicator fell below the 30 level on both lines, indicating the oversold zone. The fast-moving purple line is rising to 34.04, while the slower yellow line is at 30.29. This outlook, in which the purple line begins to climb more rapidly, is considered a sign of a slight recovery in short-term momentum. However, it is emphasized that this does not indicate that the selling pressure has completely ended.
Long-Term Investors Are Taking Profits
Intra-chain transfers that directly affect price movements attracted attention. According to Blockchain data, Lookonchain determined that on the morning of March 19, two large investors transferred a total of more than 1,650 Bitcoins to exchange wallets and sold them. One of the addresses in question was previously known for selling 11,000 Bitcoins and added an extra 650 Bitcoins to this move. Another early stage investor disposed of 1,000 of his 5,000 Bitcoins in a single transaction.
According to Lookonchain, this investor, who owns 5,000 Bitcoins, acquired these assets at $ 332 about 12 years ago and has sold 3,500 Bitcoins since November last year. It was recorded that a total profit of 442 million dollars was made.
These sales were not based on forced liquidations or margin calls. While it is emphasized that investors who have been in the market for a long time have conscious and large-volume exits, it is stated that such returns reflect forward-looking decisions regarding price expectations.
A Withdrawal Is Observed Throughout the Market
The fluctuation was not limited to Bitcoin only. While the CoinDesk 20 Index lost 3 percent of its value in the same period, Ethereum, XRP, Solana and Dogecoin also experienced similar declines. This development showed that the movement was not specific to a single coin but emerged as a general wave of risk aversion in the crypto market.
In the current environment where Bitcoin is trading at $70,452, both the oversold signal on the RSI and the release of long-held assets do not create a clear bullish picture in the short term. Experienced participants of the market have started to take part in the sales side for a while.
