Did BTC Miners Crash Bitcoin Price With 51 Days Before the Halving?

Bitcoin (BTC) price has started to show strength in its recovery since the black Thursday selloff this past week, but is this something we can expect to continue? Or is this a dead cat bounce on the way down to lower lows?

In today’s analysis I’m looking not only at the charts, but also at the possibility of large Bitcoin miners being the cause of the 50% price drop on March 12, after supporting data emerged last week suggesting that short-term holders sold a whopping 281,000 BTC, which resulted in the crash.

Daily crypto market performance. Source: Coin360.com

Did miners dump over a quarter of a million BTC?

In an article published by Coinmetrics on March 17, on-chain data supported the fact that short-term BTC holders were most likely responsible for the selling rather than new holders.

The figures they quoted included 281,000 BTC was on the move after 30 days of holding, compared to 4,131 that hadn’t been touched for over a year before being moved.

This data might suggest to some…