Bitcoin RSI stays firmly oversold
Outflows were much higher at nearly 168,000 BTC over the same period, but inflows from those seeking to sell were equally intense as panic set in over Terra’s LUNA and TerraUSD (UST) tokens, as well as largest stablecoin Tether (USDT).
“This is a hell of a reversal candle,” popular trader and TradingView author CryptoBullet reacted as part of Twitter comments.
This is a hell of a reversal candle
Dragonfly Doji on the highest Volume of the year
+ bullish divergence on RSI
— CryptoBullet (@CryptoBullet1) May 13, 2022
Bitcoin’s relative strength index (RSI) referred to by CryptoBullet measured 31 at the time of writing, still in oversold territory and its lowest since January.
$14,000 still on the table?
As the dust settled on Terra, LUNA and UST, however, not everyone was convinced that the worst was over.
Among them was the official @Bitcoin Twitter account, which like several others noted that even the week’s lows did not represent a “classic” maximum drawdown versus all-time highs.
“This is Bitcoin. Be prepared.”
Data from on-chain analytics firm Glassnode meanwhile put the latest BTC price dip in historical context.
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