Bitcoin price is back at $29,000 with a series of long liquidations fueling the new BTC drop. The reason for the drop is attributed to the 16,000 BTC sell order made on Binance.
Bitcoin price drops 3% in minutes
The leading crypto saw its gains abruptly reversed on April 19 as long liquidations led to BTC/USD falling in a row. Data from TradingView shows the price as low as $29,015 on some exchanges.
The sudden move followed an equally strong rebound above the $30,000 zone the previous day and the bulls ultimately failed to hold higher. Thus, BTC fell to its lowest level since April 10. In one of the claims made as the reason for the drop, @52kskew blames the 16 thousand BTC that was drained from the Binance spot.
$BTC Spot CVDs
16K BTC sold at market from binance spot
Other spot exchanges had pretty typical size being soldInteresting selloff here pic.twitter.com/9SmirkSM7b
— Skew Δ (@52kskew) April 19, 2023
Giant BTC sell order from Binance spot
According to the analysis of Skew, which has 70 thousand Twitter followers, “16 thousand BTC was sold from Binance spot. Other spot exchanges had a pretty typical size sold.” The crypto analyst said the sale, which soon brought BTC down to $29,000, was quite interesting: “16,000 BTC is an unusual size for a Binance-only point-of-sale market and is the type of sale that is usually made before bad news hits.”
On the other hand, hours before the drop, crypto monitoring resource Material Indicators flagged the changing conditions on the Binance order book and argued that the result could still swing either way as the bulls or bears profit. On the downside, volatility led to BTC/USD’s current levels as long liquidations exploded in a row.
Long day. Time to get some sleep and recharge for tomorrow. Going to leave you with one more #FireChart which shows bids in the $28k – $29k range continuing to move up toward the active trading range. Watching to see if bids replenish enough to take another shot at $31k or become… pic.twitter.com/ixwP1Affx9
— Material Indicators (@MI_Algos) April 19, 2023
Total crypto long liquidations for April 19 on platforms tracked by the Coinglass data source were approximately $175 million. These came after a painful day for shorts as the BTC/USD pair climbed above $30,000.
Whales keep accumulating
According to data from Santiment, Bitcoin (BTC) whales holding addresses between 100-1,000 BTC have accumulated 20,007 BTC before the last correction. According to the blockchain analytics firm, the accumulation during this period allowed whales to return to more than 20% of the total supply of BTC.
Santiment noted that these whales have consistently made profits over the past month. During this period, BTC traded above $30,000 for the first time in almost a year, giving the market a bullish feeling. According to the report, whales holding more than 10,000 BTC are aggressively accumulating for the first time since January.
Despite heavy accumulation, BTC price lost the critical $30,000 support today. The sudden crash also affected top 10 altcoins such as Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC) and others, each losing more than 5% of their value. cryptocoin.comAs you can follow from , market players were busy watching the cryptocurrency regulations discussed in Congress in the US meanwhile.
