Bitcoin price sees ‘hell of a reversal candle’ as 168,000 BTC leaves exchanges.
Bitcoin has seen a “hell of a reversal candle” as 168,000 BTC leaves exchanges and bitcoin price is now at $6,600.
On May 13, bulls rushed in to propel the market to almost $31,000, bringing Bitcoin (BTC) back to life.
1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)
The RSI for Bitcoin is solidly oversold.
In the wake of the Terra incident, data from Cointelegraph Markets Pro and TradingView revealed 24-hour gains of 30% for BTC/USD.
Bitcoin showed little appetite for further bearishness after “kissing” its realized price of $24,000, as record on-chain activity mixed with coins fleeing exchanges en masse.
According to statistics from on-chain analytics company CryptoQuant, which covers 21 key platforms, exchange balances fell by about 24,335 BTC on May 11 and 12.
Over the same time, outflows were roughly 168,000 BTC, while inflows from those looking to sell were nearly as high, as panic spread over Terra’s LUNA and TerraUSD (UST) tokens, as well as the biggest stablecoin Tether (USDT).
Chart of bitcoin exchange netflows. CryptoQuant (source)
Despite the fact that LUNA’s value plummeted to almost zero and its blockchain was shut down, Bitcoin rose as the immediate effect of the instability faded.
CryptoBullet, a prominent trader and TradingView blogger, said on Twitter, “This is a heck of a reversal candle.”
This is a fantastic reversing candle.
Dragonfly Doji on the year’s largest volume + RSI bullish divergence
The bounce scenario is still alive and well https://t.co/wzTt56053P pic.twitter.com/1mL8QsTGAP
May 13, 2022 — CryptoBullet (@CryptoBullet1)
At the time of writing, Bitcoin’s relative strength index (RSI), as defined by CryptoBullet, was 31, remained in oversold territory and at its lowest level since January.
BTC/USD 1-day candle chart with RSI (Bitstamp). TradingView (source)
Is there still $14,000 on the table?
However, not everyone was sure that the worst was over as the dust fell on Terra, LUNA, and UST.
For this week’s BTC options expiration, bears are aiming to pin Bitcoin below $30,000.
Even the week’s lows did not reflect a “classic” maximum fall vs all-time highs, according to the official @Bitcoin Twitter account, which, like numerous others, observed.
“The all-time high for $BTC is $68,990. A $13,798 draw-down at 80% is $13,798. $27,000 is almost halfway there “It was published on the same day.
“Bitcoin is a cryptocurrency. Prepare yourself.”
Meanwhile, data from on-chain analytics company Glassnode puts the recent BTC price drop in perspective.
Chart of Bitcoin’s decline from all-time highs. Glassnode is the source of this information.
MicroStrategy, the firm with the biggest Bitcoin treasury, stated that it will buy into any substantial downturn approaching $20,000 in order to support the market, according to Cointelegraph.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “bitcoin $500k” is a significant milestone for Bitcoin. With the latest price surge, it has seen a hell of a reversal candle. The cryptocurrency saw more than 168,000 BTC leave exchanges in just one day.
- crypto dog coins
- bitcoin price $500k
- crypto winter chart
- bitcoin whales buying
- bitcoin $42k