- Bitcoin hit its 1-year low at $26,350 USD on May 12.
- Bitcoin Fear and Greed Index is 12 exhibiting “extreme fear”.
The recent rally of the largest cryptocurrency towards the $30k support level in the green zone raised speculations among investors. Bitcoin hit a high of $30,590 USD on Monday, relieving the panic since early May when the crypto market significantly began to crash. In case Bitcoin sustained or surged above the support level, a bull run was expected. But everything was short-lived as BTC failed to hold its spot at $30k.
Bearish BTC in Exchange Reserves
The amount of Bitcoin (BTC) held in various crypto exchanges reached a 2-year low of 2,476,141 BTC on 15 May. Nearly 3.05 million BTC were held by major exchange reserves in early March 2020, establishing an all-time high. This accumulation gradually declined and reached its low of 2.52 million BTC held across exchanges in November 2020.
According to data from CryptoQuant, in the past 24 hours, 53,600 BTC outflows were tracked moving out from major cryptocurrency exchanges. As per the data, 6,457 withdrawal transactions were recorded in the last 24h.
As per the market data from CMC, the trading volume of BTC/USD pair in the following exchanges stood at: FTX ($756.7M), Coinbase ($654.3M), Binance US ($41.9M) and Gemini ($40.65M).
According to CMC, at the time of writing, Bitcoin traded at $29,284 USD down by 3.38% with a market cap of $557.8 billion USD. Even the second largest crypto declined from its bullish mark of $2,080 USD to $1,963 USD, at the time of writing.