Bitcoin markets record deepest retracement since Black Thursday: Raoul Pal

With Bitcoin’s relative-strength indicator slumping to levels not seen since the March 2020’s Black Thursday crash, Raoul Pal asserts BTC is overdue for a bounce.

Investment strategist Raoul Pal has identified that Bitcoin’s fortnightly relative-strength indicator, or RSI, recently fell to levels not seen since the “Black Thursday” crash of March 2020. 

The Global Macro Investor and Real Vision Group CEO also noted Bitcoin’s weekly RSI has crashed to levels comparable to that of the corrections produced during “the first part of the 2017 bull run, before Bitcoin hit hyperspace.”

The observation was made after Bitcoin crashed roughly 15% over the weekend, with BTC dropping from $55,000 to find support near $47,250 on Sunday, according to TradingView.

Bitcoin is nearly as oversold as it was in March 2020… pic.twitter.com/ZYHESpW5HG— Raoul Pal (@RaoulGMI) April 25, 2021

“Corrections in a bull market are opportunities and not threats,” Pal added.

On-chain analytics provider Glassnode also noted the depth of the crash, reporting that the number of Bitcoin addresses now at a loss had tagged a nine-month high of almost 6.4 million on April 25. Despite the milestone, 86% of Bitcoin addresses are currently in profit.

#Bitcoin $BTC Percent Supply in Profit (7d MA) just reached a 6-month low of 85.938%

Previous 6-month low of 85.989% was observed on 25 April 2021

View metric:https://t.co/j7YdXmPRtr pic.twitter.com/CEiHT0DUrd— glassnode alerts (@glassnodealerts) April 26, 2021

The markets appear to have agreed with Pal’s assertion that Bitcoin was overdue for a bounce, with BTC bouncing 11.5% in six hours after posting a local low of roughly $47,000 earlier today.

Citing charts from Glassnode, analyst William Clemente III observed that there was $88.7 million in BTC short liquidations during early Asian trading on Monday morning as market quickly rallied.

Shorts getting REKT.

$88,696,765 of #Bitcoin short liquidations in the last two hours. pic.twitter.com/2o4FRYK6s2— William Clemente III (@WClementeIII) April 26, 2021

Despite the sharp bounce, Bitcoin has shed 27% from its April 14 all-time high of $65,000. The downtrend saw Bitcoin’s dominance drop to 50%. The last time BTC market share fell below 50% was in July 2018, according to TradingView.
http://dlvr.it/RySb8G

You might be interested in …

XRP enthusiasts seek to force White House’s hand on SEC suit

Uncategorized

A longshot effort from the community hopes to solicit an official White House response As token prices plunge and Ripple prepares for court, a band of XRP enthusiasts have rallied around a petition that may force a White House statement on the recent SEC lawsuit alleging Ripple conducted an unregistered securities offering.  A petition filed […]

Read More

Facebook’s Libra Crypto Gets Ready to Launch in January as a Single Coin

Uncategorized

Facebook’s libra cryptocurrency is reportedly preparing to launch with a single cryptocurrency, a scaled-down version of its original plan. The launch date for Facebook’s libra could be as early as January. Launch Date for Facebook’s Libra The cryptocurrency libra, proposed by social media giant Facebook, is reportedly preparing to launch as early as January next […]

Read More

Congresspeople chastise the Treasury for rushing new crypto monitoring proposal

Uncategorized

As many in the crypto industry have said, 15 days over the holidays is just not enough time to respond. Nine congresspeople have signed on to a letter to Treasury Secretary Steven Mnuchin, telling him to hold his horses.  The Thursday letter is in response to the Treasury’s recent proposal to make registered crypto businesses hold on […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php