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

William Suberg
William Suberg May 13, 2022
Updated 2022/05/13 at 10:44 AM
4 Min Read
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Bitcoin (BTC[1]) came back with a vengeance on May 13 as bulls stepped in to take the market to near $31,000.

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

Bitcoin RSI stays firmly oversold

Data from Cointelegraph Markets Pro[2] and TradingView[3] confirmed 24-hour gains of 30% for BTC/USD in the aftermath of the Terra debacle.

After “kissing” its realized price at $24,000, Bitcoin showed no taste for fresh bearishness[4] as record on-chain volume combined with coins leaving exchanges en masse.

On May 11 and May 12 alone, exchange balances declined by over 24,335 BTC, according[5] to data from on-chain analytics platform CryptoQuant, covering 21 major platforms.

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[6] over Terra (LUNA[7]) and TerraUSD (UST) tokens, as well as the largest stablecoin Tether (USDT[8]).

Bitcoin exchange netflows chart. Source: CryptoQuant

As LUNA went to nearly zero and its blockchain was halted[9], Bitcoin, nonetheless, strengthened as the immediate impact of the instability waned.

“This is a hell of a reversal candle,” popular trader and TradingView writer CryptoBullet reacted as part of Twitter comments.

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.

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

$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.

Related: 3 reasons why bears aim to pin Bitcoin below $30K for this week’s BTC options expiry[15]

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.

“The $BTC all-time high is $68,990. An 80% draw-down is $13,798. $27k is about halfway there,” it posted[16] on the day:

“This is Bitcoin. Be prepared.”

Data from on-chain analytics firm Glassnode, meanwhile. put the latest BTC price dip in historical context.

Bitcoin drawdown from all-time highs chart. Source: Glassnode

As Cointelegraph recently reported, MicroStrategy, the company with the largest Bitcoin treasury, hinted that it would buy into any significant weakness toward $20,000[17] in an attempt to support the market.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


  1. ^ BTC (
  2. ^ Cointelegraph Markets Pro (
  3. ^ TradingView (
  4. ^ Bitcoin showed no taste for fresh bearishness (
  5. ^ according (
  6. ^ equally intense as panic set in (
  7. ^ LUNA (
  8. ^ USDT (
  9. ^ nearly zero and its blockchain was halted (
  10. ^ #BTC (
  11. ^ $BTC (
  12. ^ (
  13. ^ (
  14. ^ May 13, 2022 (
  15. ^ 3 reasons why bears aim to pin Bitcoin below $30K for this week’s BTC options expiry (
  16. ^ posted (
  17. ^ buy into any significant weakness toward $20,000 (


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