Bitcoin Recovers Above dollar30,000, Has The Bottom Been Marked?
Categories: Bitcoin US
Bitcoin has now started another recovery trend that has seen it mark its position above $30,000 once more. This is a welcome development after the market had seen various crashes that have sent investors into a panic. However, while investors heave a sigh of relief as the digital asset has begun to recover, other concerns have arisen in the market, including if the uptrend will continue and if bitcoin has already seen the bottom of this crash.The recent comeback has indicated that bitcoin has either marked the bottom of the dip or may be well on its way to posting further losses. But there remain some indicators that show that maybe indeed, the bottom has been reached. One of these has been that the Bitcoin RSI remains in the firmly oversold territory. Now, with this indicator in this region, there is not much that sellers can do to bring the price of the digital asset further down, especially with the powerful recovery that was just recorded.Outflows from centralized exchanges for bitcoin had been on the rise when the price of the digital asset had been falling. This would prove to only be a temporary problem though as the outflows had begun to take over inflows once more. What this indicates is that investors are once again beginning to take advantage of the low prices that presented themselves during the crash. Accumulation trends like these are usually expected when the value of an asset is slashed in such a short amount of time.Outflows from centralized exchanges recorded for the period of May 11th and 12th came out to about 168,000 BTC, a significant amount given the current bear trend. Although BTC continues to flow into exchanges, long-term investors seem to be taking advantage of these cheaper prices.