BTC experiences “the hell of a reversal candle as 168,000 BTC quits exchanges
Nothing will keep the Bitcoin bull from falling for a long time or will it? Today, BTC price action is back to above $30,000 following the 24 hours of gains.
Bitcoin RSI stays firmly oversold
The data taken from Cointelegraph Markets Pro and TradingView showed increases of up to 30% for USD/BTC following the Terra scandal.
In the wake of “kissing” its realized price at $24,000, Bitcoin showed no taste for fresh bearishness, as records of on-chain transactions topped by the coins that were withdrawn from exchanges in a massive way.
Between May 11 and 12 in particular, the balance of exchange dropped by an average of 24,335 BTC according to figures from the analytics platform on-chain CryptoQuant which covers 21 platforms.
Outflows were higher at almost 168,000 BTC during the same time However, the inflows of sellers were just as intense, especially when panic was brewing over Terra (LUNA) as well as TerraUSD (UST) tokens in addition to the most stable stablecoin The Tether (USDT).
When LUNA dropped to almost zero and the blockchain was shut down, Bitcoin, nonetheless, increased in value as the immediate effects of the instability subsided.
“This is a hell of a reversal candle,” well-known trading expert as well as TradingView writer CryptoBullet responded as part of the Twitter comments.
This is an absolute nightmare of a candle that reverses
Dragonfly Doji with the highest volume of the year
Bullish Divergence and RSI
Bounce scenario still in play //t.co/wzTt56053P pic.twitter.com/1mL8QsTGAP
— CryptoBullet (@CryptoBullet1) June 13 2022
The relative strength index of Bitcoin (RSI) which is referred to by CryptoBullet was as 31 when we last wrote. It is currently in the oversold zone and the lowest it has been since January.
Are you still willing to pay $14,000?
The dust settled over Terra, LUNA and UST but many were not convinced they were safe. done.
Related 3 reasons to bears are trying to keep Bitcoin at or below $30K the week’s BTC options expiration
There was also the official Twitter account @Bitcoin that, along with a number of other accounts pointed out that even the lows for the week didn’t constitute the “classic” maximum drawdown versus all-time highests.
“The record high for the $BTC market is $68,990. The drawdown at 80% is $13,798. $27k is close to the halfway mark,” it posted on the day:
“This can be described as Bitcoin. Prepare yourself.”
The data comes from the on-chain analytics company Glassnode In the meantime, Glassnode. Put the most recent BTC price decline in the context of historical.
As Cointelegraph recently stated, MicroStrategy, the company with the biggest Bitcoin Treasury, has hinted that it could buy any major weakness in the $20,000 mark in an effort to stabilize the market.