Bitcoin another upturn has begun which has led it to reposition itself above $ 30.000. This is a positive development after the market has seen several crashes that have sent investors into a panic. However, as investors breathe a sigh of relief that the digital asset has gradually begun to recover, other concerns have arisen on the market, certainly not marginal, first of which is to know if the uptrend continues e if Bitcoin has already hit the bottom of this collapse.
Has Bitcoin hit a low?
The recent comeback indicated that bitcoin hit the bottom of the trend o it could be on track to post further losses?
In reality, more and more analysts say they are convinced of the first of the two theories, thanks to various indicators that show that perhaps the bottom has been reached.
One of them is that Bitcoin's RSI remains in oversold territory. Now, with this indicator in this zone, there isn't much that sellers can do to push the price of the digital asset down further, especially with the powerful recovery just seen.
Even after falling below $ 25.000 for the first time in more than a year, the bulls have not completely relinquished control of the market to their bearish counterparts. This shows that bitcoin had likely bottomed out when it hit $ 24.000 and the strength shown to rebound from this point suggests there is still some momentum to carry it forward.
Coincidentally, the digital asset turned green on the 5-day moving average. This indicator may not be as strong as its 50-day counterpart, but however, it indicates a return of bullish sentiment among investors. If the trend continues and the bottom was indeed marked at $ 24.000, the recovery to $ 35.000 could be imminent.
Bitcoin outflows are growing
I outflows from exchange centralized of Bitcoin had risen when the price of the digital asset was falling. However, this proved to be only a temporary problem, as outflows began to take over inflows again.
In the past 24 hours, outflows from centralized exchanges have reached $ 3,5 billion, exceeding the volume of inflows by at least $ 190 million for the same time period.
This indicates that investors are again starting to take advantage of the low prices that occurred during the crash. Accumulation trends like these are usually expected when the value of an asset is reduced in such a short amount of time.
The outflows from centralized exchanges recorded in the period of 11 and 12 May amounted to approximately 168.000 BTC, a significant figure considering the current bearish trend. While BTC continues to flock to exchanges, long-term investors seem to be taking advantage of these lower prices.