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Bitcoin (BTC) slips to lowest level since Terra crash, LTHs indicate trend reversal

 


Bitcoin comes back to life

Data shows that BTC/USD has meanwhile slipped to just $28,000 late Thursday, taking the market-leading cryptocurrency to its lowest levels since the May 12 Terra crash, at least briefly is.


The downward pressure had taken on a life of its own throughout the day , ultimately resulting in the liquidity grab that has taken liquidations to a whopping $117 million for BTC over the past 24 hours while driving the price down.


However, a bounce back above $29,000 followed shortly thereafter, where Bitcoin remains at press time.


Accordingly, he continues to see his price targets of $32,800 and $35,000 for the next few days as realistic.


In turn, crypto analysts at Material Indicators, in light of the on-chain data, warn that the thinned-out liquidity in the lower ranges poses a risk of an even more pronounced downturn.


“Today there is quite a LOT of liquidity being moved by bitcoin. Whenever a new wall opens up, it is immediately softened again”, as the experts determine when looking at an associated diagram . And further:


“Currently there are no really big bid walls anymore, only in the range between 28,000 and 25,000 US dollars there are almost 122 million US dollars. We expect more BTC to be moved on-chain.”

Trader Il Capo of Crypto is even more pessimistic, fearing the recent upleg is merely a “bull trap” ahead of Bitcoin's next slide to $25,000.


At least in terms of trading activity, Bitcoin has finally come back to life, because in the last few days it had become so low that analysts had serious concerns about price stability.


“Most Important Bitcoin Price Chart Right Now” Indicates Trend Reversal

Even in the longer term, the experts are slowly giving the all-clear again, as the signs seem to be slowly turning in favor of Bitcoin again.


For example, analyst Root refers to the current behavior of long-term holders (LTHs), i.e. long-term investors.


According to on-chain data, the LTHs are now selling less BTC again, as can be seen from their cost basis, i.e. the average entry price of all LTHs. The lower the value, the less confidence long-term investors have in future price developments.


However, Root notes that there is a possible trend reversal with regard to this indicator, which is why the analyst now draws attention to “arguably the most important Bitcoin price chart at the moment” (see tweet ).


"Over the past few months, LTHs have capitulated as evidenced by the rapidly falling LTH cost base," the analyst said at first. To which he adds:


“A first bounce shows that LTHs are no longer capitulating! We are still at the very beginning, but this is the long-awaited turnaround!”

As the expert notes, the selling LTHs had been buying Bitcoin at higher prices, so the selling down was a kind of capitulation that may now have come to an end.

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