Bitcoin (BTC) came back with a vengeance on May 13 as bulls stepped in to take the market to near $31,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin RSI stays firmly oversold
After “kissing” its realized price at $24,000, Bitcoin showed no taste for fresh bearishness as record on-chain volume combined with coins leaving exchanges en masse.
On May 11 and May 12 alone, exchange balances declined by over 24,335 BTC, according to data from on-chain analytics platform CryptoQuant covering 21 major platforms.
Outflows were much higher at nearly 168,000 BTC over the same period, but inflows from those seeking to sell were equally intense as panic set in over