$24K Realized Price After Second Highest Seller Loss in Bitcoin ‘Kiss’ History

Bitcoin (BTC) broke the $28,000 mark on May 12th after repeating a chart structure not seen since March 2020.

BTC/USD 1-Hour Candle Chart (Bitstamp). Source: TradingView

BTC seller loss spiral

Cointelegraph Markets Pro and trading view Bitstamp continued to track BTC/USD with a brief decline below $24,000.

Then, a strong reversal drove up thousands of dollars in a matter of minutes, with consolidation on hold to see it trade at around $27,000.

The bounce area was important in what constitutes Bitcoin’s so-called realized price (sum of all unspent transaction outputs (UTXO)).

The last time BTC/USD tested a realized price was during the COVID-19 cross-market crash in March 2020.

“Bitcoin is basically kissing the realization price ($24,000). $BTC is cheap,” said Checkmate, senior insight analyst at on-chain analytics firm Glassnode. famous on twitter.

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Bitcoin Realized Price vs BTC/USD chart. Source: Glassnode

Checkmate added that the actual loss (cost-to-price ratio) of investors selling BTC while in the water also surged to around $2 billion, the second-highest daily level ever.

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Bitcoin Realized Loss Chart. Source: Checkmate/Twitter

As Cointelegraph reported, liquidations have also taken place in the last 24 hours, raising over $1.2 billion across cryptocurrencies.

Tether pegs will crawl back into view.

Meanwhile, another major topic of the day, stablecoins, are starting to discuss the prospects for Bitcoin itself.

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When the largest stablecoin Tether (USDT) saw its US dollar peg slip, two camps emerged. One is to accuse Tether of medical malpractice, and the other is to be sure that Peg will recover soon.

Cointelegraph contributor Michaël van de Poppe wrote, “The USDT peg is already being restored, which is a good sign.” one Many tweets.

“People shouldn’t compare because $USDT and $UST are completely different. The market reaction is due to the sheer level of fear. It still looks like capitulation to me.”

Commentator WhalePanda took the sentiment even further, warning him of “best FUD” in what he and others call “Tether truthers.”

USDT/USD was trading at 2% below dollar parity at the time of writing.

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USDT/USD 1-Hour Candle Chart (Bitstamp). Source: TradingView

The views and opinions expressed herein are solely those of the authors and do not necessarily reflect the views of Cointelegraph.com. All investments and trading involve risks and you should do your own research when making decisions.

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