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Bitcoin markets record deepest retracement since Black Thursday: Raoul Pal

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Investment strategist Raul Pal noted that bitcoin’s biweekly relative strength indicator (RSI) recently dropped to levels not seen since the March 2020 Black Thursday crash.

The CEO of Global Macro Investor and Real Vision Group also noted that bitcoin’s weekly RSI has collapsed to levels similar to the adjustments in the first part of the 2017 bull run, before bitcoin hit hyperspace.

The comment came after bitcoin collapsed about 15 percent over the weekend, with BTC dropping $55,000 to find support at $47,250 on Sunday, TradingView reported.

Bitcoin is almost 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, not threats, Pal adds.

Online analytics provider Glassnode also noted the extent of the accident, reporting that on 25… In April, the number of bitcoin addresses with a loss reached its highest point in nine months: nearly 6.4 million. Despite this milestone, 86% of bitcoin addresses are currently beneficiaries.

#Bitcoin $BTC percentage of supply to revenue (7d MA) has just hit a 6 month low of 85.938%.

The previous 6-month low of 85.989% was reached on the 25th. April 2021 observed.

See metric: https://t.co/j7YdXmPRtr pic.twitter.com/CEiHT0DUrd

– Glass Signals (@glassnodealerts) April 26, 2021

The markets seem to agree with Pal’s assertion that bitcoin is poised for a rebound, as BTC jumped 11.5 percent in six hours after hitting a local low of about $47,000 earlier in the day.

Citing Glassnode’s charts, analyst William Clemente III noted that BTC stood at $88.7 million in Asian trading early Monday morning as the market rose rapidly.

The shorts are going RECT.

88,696,765 in #Bitcoin short liquidations in the last two hours pic.twitter.com/2o4FRYK6s2

– William Clemente III (@WClementeIII) April 26, 2021

Despite the surge, bitcoin is down 27 percent from its high of $65,000 on the 14th. April. In a downward trend, bitcoin’s dominance has fallen to 50%. The last time BTC’s market share fell below 50% was in July 2018, according to TradingView.

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