The volatility of the crypto market which was likened to a rollercoaster last week has affected the crypto currency market in various aspects. Data from IntoTheBlock shows that about 40,000 BTC have been transferred to the exchange since May 11th. While this has increased selling pressure, there is some good news that Bitcoin has managed to keep the price above $ 28,000, where that price level has become the focus level of the market.
$ BTC deposit into exchanges has increased dramatically since May 11th.
Roughly 40,000 BTC has been spotted as inflows into exchanges. This coincides with the downwards sell pressure that we have been experiencing.
Despite this, #Bitcoin has been able to sustain above $ 28k. pic.twitter.com/d8fW5Y8UEc
- IntoTheBlock (@intotheblock) May 18, 2022
After weeks of Bitcoin prices not being able to break above $ 40,000, Bitcoin is still able to bounce back even last week in the face of the Terra LUNA UST collapse that caused bitcoin to decline by $ 15,000 at one point to its lowest price position since late December 2020 at $ 25,300.
This price level has presented panic in the market with the greed and fear index showing the worst level of “extreme fear” since the outbreak of COVID-19. This has caused many investors to rush to deposit their holdings in the exchange, which usually carries a ‘bearish’ indication. Based on data from IntoTheBlock, about 40,000 BTC are sent to the trading exchange.
Despite this increased selling pressure, the company revealed that bitcoin can still survive above $ 28,000. Moreover, the cryptocurrency even jumped above $ 31,000 a few days ago but was unable to continue strengthening.
In the day period crypto market volatility has also attracted retail investors. Addresses holding BTC for less than 30 days began to rise on May 8 and continue to do so. Usually the action of address holders in this range will follow the price pattern and sell at a loss, however IntoTheBlock states the opposite is the case.
El Salvador which is the first country to allow the use of bitcoin has also added 500 BTC in the recent fall.
