Bitcoin price sees a marked reversal trend as 168,000 BTC leaves the exchange The Ecoinomic

Bitcoin (BTC) returned with a vengeance on May 13 when strongly moved in to take the market to nearly $31,000.

Bitcoin RSI is still oversold

The data confirmed a 30% increase in 24 hours for BTC/USD in the aftermath of the terra failure.

After hitting its performing price at $24,000, Bitcoin showed no interest in the new bearish trend as record volume on-chain combined with coins left the exchange en masse.

On May 11 and May 12 alone, the exchange balance fell by more than 24,335 BTC, according to data from the analytics platform on the CryptoQuant chain that includes 21 major platforms.

Outflows were much higher at nearly 168,000 BTC during the same period, but capital outflows from those looking to sell were equally intense as panic was set on Terra's LUNA and TerraUSD (UST) tokens, as well as the largest Tether stablecoin (USDT).

As LUNA nears zero and its blockchain is halted, Bitcoin still strengthens as an immediate impact of instability-filled weakness.

"This is a pronounced reversal trend," the well-known trader and author of TradingView CryptoBullet reacted as part of the Twitter comments.

#BTC $BTC

This is a hell of a reversal candle

Dragonfly Doji on the highest Volume of the year
+ bullish divergence on RSI

Bounce scenario still in play 📈 https://t.co/wzTt56053P pic.twitter.com/1mL8QsTGAP

— CryptoBullet (@CryptoBullet1) May 13, 2022

The Bitcoin Relative Strength Index (RSI) mentioned by CryptoBullet measures 31 for the time being, remaining in the overshoot range and the lowest since January.

Is $14,000 still on the floor?

However, as the situation calms down at Terra, LUNA, and UST, not everyone believes the worst is over.

Among them is the official Twitter account @Bitcoin, just as some others note that even the week's lows do not represent the maximum disbursement level compared to the all-time high.