Bitcoin “Held Up Very Well” Despite Biggest Exchange Inflow Since March 2020 Crash

At the time of posting, Bitcoin is at $50,275 and aside from what newbs might think, is doing more than well:

Bitcoin ‘held up very well’ despite biggest exchange inflow since March 2020 crash

Bitcoin saw intense pressure from sellers this week as multiple news triggers combined to turn many bearish.

Tesla abandoning BTC payments followed by rumors of an investigation of major exchange Binance by United States regulators was enough to send BTC/USD to lows of $46,000 before stabilizing.

As Cointelegraph reported, the dip could have been considerably worse, with longer-term price features providing support at crucial levels.

Nonetheless, $50,000 remains out of reach at the time of writing, as hodlers lick their wounds and assess Bitcoin’s likely next move.

Data tracking trader behavior reveals the scale of the sell-off and likewise suggests that Bitcoin, in fact, weathered the storm rather well.

Inflows to exchanges hit 30,000 BTC ($1.47 billion) on Thursday, while liquidations totaled $200 million in just one 10-minute period during the height of the price volatility.

“Yesterday was the largest day of exchange inflows since the March crash last year,” analyst William Clemente summarized on Friday.

“BTC held up very well given this and $200M of liquidations in 10 minutes.”

Full article here: https://cointelegraph.com/news/bitcoin-held-up-very-well-despite-biggest-exchange-inflow-since-march-2020-crash

 

Master Asked on May 14, 2021 in Bitcoin.
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