Bitcoin is expected to restart after the price reaches its lowest level since Terra fell

Bitcoin (BTC) recovered from a sharp collapse at the opening of Wall Street on May 26 as the market quickly exhausted buying support.

Bitcoin volume is growing, awaiting further predictions

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair fell to $ 28,000 on Bitstamp, the lowest level since May 12 and the Terra LUNA input.

The advance was already accelerating lower during the day, culminating in a liquidity drain that sent 24 – hour BTC liquidations to $ 117 million.

A subsequent bounce took it over $ 29,000, where bitcoin was trading at the time of writing.

For Cointelegraph contributor Michaël van de Poppe, filling the offers was sufficient to ensure a further increase.

Now we are good to go up as all the liquidity is taken on the downside.

Let’s go!

– Michael van de Poppe (@CryptoMichNL) May 26, 2022

Now we are ready to go up because all the liquidity is taken down. Let’s go!
– Michael van de Poppe (@CryptoMichNL) May 26, 2022

He has added that its current targets for the BTC / USD pair – $ 32,800 and $ 35,000 – remained in place.

In analyzing the order data, Content Indicators of chain monitoring capacity warned that the decline in resistance in the face of low liquidity remaining at lower levels may be declining.

“We are seeing a lot of Bitcoin money changing hands today. Wherever a tender wall is seen, it is absorbed, ”he said. declared for Twitter fans next to Binance’s major exchange chart.

“Currently, there are no longer any huge auction walls and only ~ $ 122 million between $ 28,000 and $ 25,000. We look forward to seeing more BTC move on the blockchain. ”

Another trading account, Il Capo of Crypto, is following a conservative short-term price outlook predicted the current bounce is the “last bull trap” before returning $ 25,000, based on order book performance.

So May 26 stood out from the other trading days of the week, thanks to what came back in the markets of the BTC / USD pair. As Cointelegraph reports, it was becoming a concern for analysts.

The ‘biggest chart’ at Bitcoin gives hope for recovery

Spending the net further, market commentators were eager to see signs of an overall trend reversal in bitcoin.

Read also: Bitcoin could be priced at $ 15,500 if this Level of All-Time Support is Retryed

For popular Root analysts, these signals came from long-term holders (LTH) holders during the day.

According to data on a chain, LTH has finally delayed BTC sales, as indicated by its base price stabilization. The base price refers to the price at which LTH BTC accounts were purchased in full, and when it falls, it reflects the wan LTH determination.

Commented on Twitter, Root said Put down the data as “perhaps the most important chart in BTC at the moment.”

“Over the last few months, we have been capitalizing on LTH – reflecting the rapid fall in the basic price of LTH,” he wrote.

“The return is the first sign that LTHs may have stopped! Note: signal soon, but finally change trend! ».

He also said that the LTH entities that sold were the ones that bought BTC at the top so the sale looked like a sale.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and every trading operation involves risk, you should do your own research before making a decision.