As an experienced analyst, I’ve witnessed many volatile price movements in the cryptocurrency market, and the sudden crash of Bitcoin (BTC) on May 10 was yet another reminder of its inherent risk. Leveraged long traders were once again caught off guard as BTC plummeted from a high of $63,494 to an intraday low of $60,308 in just one hour.
As an analyst, I’d rephrase that sentence as follows: I observed a significant drop of approximately $2,000 in the Bitcoin (BTC) price within an hour on May 10. This unexpected event disrupted the previously tranquil market, showcasing the inherent volatility of cryptocurrencies.
According to the data from CryptoMoon Markets Pro and TradingView, unsuspecting long traders using leverage were taken by surprise when Bitcoin’s price plummeted unexpectedly from its peak of $63,494 on May 10 to a low of $60,308 within the same trading day.
As I pen this down, the damages continued to pile up, with the leading digital currency shedding over 2.5% of its worth during the previous day.
“MN Capital’s founder, Michaél van de Poppe, commented on the ongoing occurrence of a final build-up in Bitcoin’s price following the halving, a pattern that has become commonplace in recent short periods.”
I’ve observed that Bitcoin’s price behavior since February 29 has been characterized by relatively low volatility and erratic movements. The most recent market downturn caused Bitcoin to retrace back to a significant support level.
“Not holding? Then we’re looking at $52-55K, which would be the final stage of the correction.”
“I believe that BTC‘s sudden drop to $60,000 on May 9 was a correction intended to discourage investors who had recently bought in above $63,000.”
As a researcher studying the cryptocurrency market, I found that investors who had placed bets on Bitcoin (BTC) to continue recovering above the price point of $64,000 suffered significant losses on May 10. The downturn in the market resulted in the liquidation of approximately $127 million worth of long positions. This loss was part of a larger 24-hour total wipeout amounting to $175.17 million, as reported by Coinglass.
In the past hour, approximately $9 million worth of Bitcoin leveraged positions have been terminated due to the recent market downturn. Among those, around $6.36 million represented long positions.
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2024-05-10 22:22