168,000 BTC leaves exchanges, Bitcoin price sees ‘reversal candle hell’

Bitcoin (bitcoin) made a comeback on May 13 as bulls stepped in to push the market up to around $31,000.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

Bitcoin RSI remains solidly oversold

data from Cointelegraph Market Pro and Transaction view Confirmed 24-hour BTC/USD rally of 30% after Terra crash.

back”kiss“Bitcoin’s actual price is $24,000 as it shows no fresh bearish sentiment as record on-chain volume coupled with a large number of coins leaving exchanges.

On May 11 and May 12 alone, foreign exchange balances decreased by more than 24,335 BTC, according to the on-chain analytics platform Encrypted Quantum Covers 21 major platforms.

Outflows over the same period were much higher, close to 168,000 BTC, but inflows from those looking to sell were equally strong panic started in Terra Luna and TerraUSD (UST) tokens, and the largest stablecoin Tether (USDT).

Bitcoin exchange net flow chart. Source: CryptoQuant

when LUNA goes almost zero And its blockchain was halted, but Bitcoin was still strengthened as the immediate effects of the instability waned.

“It’s a hellish reversal candle,” the popular trader and author of TradingView, CryptoBullet, reacted as part of a Twitter comment.

Bitcoin’s Relative Strength Index (RSI), mentioned by CryptoBullet at 31 at the time of writing, is still in oversold territory and its lowest level since January.

BTC/USD 1-day candle (Bitstamp) with RSI. Source: TradingView

$14,000 still on the table?

However, as the dust settles on Terra, LUNA and UST, not everyone is convinced that the worst is over.

related: 3 reasons why bears aim to hold Bitcoin below $30k as BTC options expire this week

That includes the official @Bitcoin Twitter account, which, along with several others, pointed out that even this week’s lows do not represent a “classic” maximum retracement from all-time highs.

“$BTC’s all-time high is $68,990. 80% retracement is $13,798. $27,000 is about halfway there,” it said post the same day.

“This is Bitcoin. Get ready.”

Meanwhile, data from on-chain analytics firm Glassnode put the latest BTC price drop in historical context.

Bitcoin pulled back from the all-time high chart. Source: Glassnode

as Cointelegraph reportMicroStrategy, the company that owns the largest bitcoin treasury, hinted that it would buy any significant weakness near $20,000 to support the market.