Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in history

Bitcoin (BTC) bounced past $28,000 on May 12 after repeating a chart structure not seen since March 2020.

Data from Cointelegraph Markets Pro and TradingView continued to track BTC/USD as it briefly fell to just under $24,000 on Bitstamp.

A strong reversal then sent the pair several thousand dollars higher in minutes, with consolidation then taking hold to see it trade at around $27,000.

The bounce zone was significant, constituting Bitcoin’s so-called realized price — the sum total of all unspent transaction outputs (UTXOs).

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

“Bitcoin basically kissed the realized price ($24k). $BTC is cheap,” Checkmate, lead insights analyst at on-chain analytics firm Glassnode, noted on Twitter.

Checkmate added that realized losses — investors selling BTC while being underwater versus their cost price — had also spiked to its second-highest daily levels ever at around $2 billion at the time of writing.

As Cointelegraph recently reported, liquidations had also mounted over the previous 24 hours, passing $1.2 billion across the crypto space.

The other main topic of the day, stablecoins, meanwhile, began to divide opinion on the outlook for Bitcoin itself.

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As the largest stablecoin, Tether (USDT), saw its United States dollar peg slip, two camps emerged, one accusing Tether of malpractice and another confident that the peg would soon be restored — unlike that of imploded U.S. dollar stablecoin TerraUSD (UST).

“The USDT peg is restoring already, which is a good sign,” Cointelegraph contributor Michaël van de Poppe wrote in one of many tweets on the day:

Commentator WhalePanda furthered the sentiment, warning of “peak FUD” from what he and others called “Tether truthers.”

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