Despite record supply, Bitcoin resists, can BTC withstand the pressure?

Bitcoin saw a real test of market composition on Thursday amid a sea of ​​liquidations reminiscent of last year’s events.

Bitcoin is holding back despite record supply, can BTC withstand the pressure?

On Thursday, May 13, the amount of BTC sent by Bitcoin traders and investors, whales and dolphins to exchanges reached the highest number since March 2020.

On-chain data firms CryptoQuant and Glassnode charted According to BTC stock market inflows reached the highest level of the year on May 13.

Nearly 30,000 BTC flowed to exchanges in one day

Bitcoin came under extraordinary selling pressure, especially with the overlapping news.

Tesla’s halting the sale of vehicles with BTC and rumors of US officials’ investigation into Binance dropped the BTC/USD parity to the level of $46,000.

However, BTC recovered and 50,000 at the time of writing.

Inputs on exchanges reached 30,000 BTC ($1.47 billion) on Thursday, while liquidations during the height of price volatility reached $200 million in just ten minutes.

Whale warning

CryptoQuant CEO Ki Young Ju highlighted that whales continue to send more money to exchanges than usual, a potential sign that the bearish phase is not yet completely over.

Live BTC price: $ 20,936.00

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