Bitcoin (BTC) bounced past $28,000 during May 12 after repeating a chart structure not seen since March 2020.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC seller losses spiral
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A strong reversal then sent the pair several thousand dollars higher in minutes, with consolidation then taking hold to see it trade at around $27,000.
The bounce zone was significant, constituting Bitcoin’s so-called realized price — the sum total of all unspent transaction outputs (UTXOs).
The last time that BTC/USD tested realized price was during the COVID-19 cross-market crash in March 2020.
“Bitcoin basically kissed the realized price ($24k). $BTC is cheap,” Checkmate, lead insights analyst at on-chain analytics firm Glassnode, noted on