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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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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.

Did It Mark The Bottom?

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. 

Related Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge To $30,000

Even after falling below $25,000 for the first time in more than a year, bulls had not completely relinquished control of the market to their bearish counterparts. What this shows is that bitcoin had likely reached its bottom when it touched the $24,000 and the strength displayed to bounce off from this point suggests that there is a bit of momentum left to carry it further.

Bitcoin price chart from TradingView.com

BTC price recovers above $30,000 | Source: BTCUSD on TradingView.com

Coincidentally, the digital asset has now turned green on the 5-day moving average. This indicator may not pack as much of a punch as its 50-day counterpart but still indicates returning bullish sentiment among investors. If this continues, and the bottom has in fact been marked at $24,000, then recovery towards the $35,000 may be imminent.

Bitcoin Outflows Grow

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.

For the past 24 hours, the outflows from centralized exchanges had reached as high as $3.5 billion. This surpassed inflow volume by at least $190 million for the same time period.

Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers

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.

Featured image from BBC, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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