Home Cryptocurrency Bitcoin ‘good to go up’ after BTC price hits lowest since Terra crash

Bitcoin ‘good to go up’ after BTC price hits lowest since Terra crash

by Gordon James

Bitcoin is back. After reaching a low of $3,872 on Wednesday, the bitcoin price hit an all-time high of over $4,900 today as investors and traders loaded up on the cryptocurrency. Bitcoin’s rebound comes despite remaining fears that it could be nearing its end given recent developments in China and at public exchanges like Coinbase..

The “ethereum price” is currently at its lowest point since the crash on June 12, 2015. The “good to go up” after the BTC price hit its lowest since Terra crashed.

As the market swiftly exhausted purchase support, Bitcoin (BTC) rebounded from a severe loss at the Wall Street open on May 26. 

Bitcoin ‘good to go up’ after BTC price hits lowest since Terra crash1-day candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

Bitcoin’s volume is surging, and more is on the way.

BTC/USD fell to $28,000 on Bitstamp, the lowest since May 12 and the Terra LUNA collapse, according to data from Cointelegraph Markets Pro and TradingView. 

On the day, progress had already escalated to the negative, culminating in a liquidity grab that pushed BTC liquidations to $117 million in 24 hours.

Bitcoin ‘good to go up’ after BTC price hits lowest since Terra crashGraph of BTC liquidations. Coinglass is the source of this information.

Following a rebound, Bitcoin rose beyond $29,000, where it was trading at the time of writing.

The scramble to fill offers was enough for Cointelegraph writer Michal van de Poppe to assure some new gain.

We can now move higher since all of the liquidity has been grabbed on the downside.

Let’s go!

May 26, 2022 — Michaal van de Poppe (@CryptoMichNL)

He also said that his previous BTC/USD estimates of $32,800 and $35,000 remained in effect.

Meanwhile, Material Indicators, an on-chain monitoring resource, cautioned that given the weak liquidity still present at lower levels, a subsequent decline may face less resistance.

“Today, a significant amount of Bitcoin liquidity is changing hands. A bid wall arises everywhere and is quickly swallowed “It told Twitter users accompanying a graphic from Binance, a prominent cryptocurrency exchange.

“Currently there are no more huge bid walls and there is only ~$122M between $28k – $25k. Expecting to see more BTC move on chain.”Bitcoin ‘good to go up’ after BTC price hits lowest since Terra crashBTC/USD order book chart (Binance). Source: Material Indicators/ Twitter

Trading account with a friend Based on order book performance, Il Capo of Crypto forecasted that the latest rally would be the “final bull trap” before a return to $25,000, maintaining a cautious perspective on near-term price movement.

Due to the reintroduction of activity to BTC/USD markets on May 26, the day stood apart from the rest of the week’s trading days. Its absence was becoming a cause of worry for experts, according to Cointelegraph.

Bitcoin’s “most crucial chart” indicates that it is on the mend.

Market pundits were looking for evidence of an overall shift in trend on Bitcoin as they cast a wider net.

If Bitcoin price retests this lifetime historical support level, it may bottom at $15.5K.

Those signals, according to prominent analyst Root, came from the conduct of long-term holders (LTHs) on the day.

LTHs were finally decreasing BTC sales, according to on-chain statistics, as seen by their cost base leveling off. The cost basis relates to the average price at which LTH accounts acquired BTC, and when it lowers, it indicates that LTH resolve is deteriorating.

Root highlighted the data as “probably the most crucial graphic in BTC right now” in a Twitter thread.

“We’ve seen LTH surrender in recent months, as seen by the fast declining LTH Cost Basis,” it stated.

“An increase is an indication that LTHs are no longer capitulating! Note: this is an early indication, but there is finally a trend shift!”

He went on to say that the LTH firms selling were those that bought BTC at the peak, giving the purchases a capitulatory aspect.

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 “coinbase” is a tool that allows users to buy and sell Bitcoin. The price of Bitcoin has hit its lowest since the crash of Terra in 2011. However, this may be good news for investors because it means the price will likely go back up.

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