Bitcoin Price sees “Big Reversal Candle” as Exit Exchanges 168,000 BTC

Bitcoin Price sees “Big Reversal Candle” as Exit Exchanges 168,000 BTC

Bitcoin (BTC) rebounded strongly on May 13 when bulls came in to take the market close to $ 31,000.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

Bitcoin RSI is still firmly oversold

Data from Cointelegraph Markets Pro and TradingView confirmed 30% gains in 24 hours for the BTC / USD pair following the Terra debacle.

After a “kiss” realized at $ 24,000, bitcoin showed no interest in further downturns, with the blockchain record high and BTC leaving exchanges in their crowds.

On 11 and 12 May alone, exchange balances fell by more than 24,335 BTC, according to data from the analysis platform on a chain CryptoQuant covering 21 major platforms.

Outflows were much higher, almost 168,000 BTC over the same time frame, but inflows from those looking to sell were just as intense, as panic set around LUNA and TerraUSD (UST) Terra signals, as well as the largest ones. coin stable Tether (USDT).

Bitcoin exchanges net flows chart. Source: CryptoQuant

Although LUNA fell to near zero and its blockchain ceased, bitcoin nevertheless strengthened as the immediate impact of instability waned.

“This is a hell of a retreat,” CryptoBullet, a popular trader and author of TradingView, responded on Twitter.

#BTC $ BTC This is one hell of a reversal candle. Dragonfly Doji at the highest of the year.
+ bullish divergence on the RSI. The story of the replay remains to be played
– CryptoBullet (@ CryptoBullet1) May 13, 2022

CryptoBullet was quoted Bitcoin Relative Strength Index (RSI) at the time of writing, still in oversold territory and at its lowest level since January.

BTC / USD (Bitstamp) pair day candle chart with RSI. Source: Trade View

$ 14,000 still on the table?

When the dust settled on Terra, LUNA, and UST, however, not everyone was convinced that the worst was over.

Read also: 3 Reasons why bears aim to pin Bitcoin below $ 30,000 to expire BTC Options this week

These include the official Twitter account @Bitcoin, which, like many others, noted that even the week’s lows were not a “classic” drop – off from all – time highs.

“The highest ever rate on Bitcoin is $ 68,990. An 80% drawdown is $ 13,798. $ 27,000 is about halfway there, ”he said. post the same day.

“It simply came to our notice then. Be ready. »

Data from blockchain analytics firm Glassnode put the latest bitcoin price fall in historical context.

Graph of bitcoin decline from all-time highs. Source: Glassnode

As Cointelegraph reported, MicroStrategy, the company with the largest bitcoin holdings, has indicated that it would buy any significant weakness around $ 20,000 in an effort to support the market.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investments and trades involve risk. You should do your own research before making a decision.

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