Bitcoin price flash crash raises chance of BTC dip to $54K..
Bitcoin
BTC $60,927 price fell over $2,000 in an hour on May 10 as a sudden wave of volatility disrupted an otherwise quiet market.
Data from Markets showed that leveraged long traders were caught offside as BTC price suddenly dropped from a high of $63,494 on May 10 to an intra-day low of $60,308.
At the time of writing, the losses were still mounting, with the flagship cryptocurrency having lost more than 2.5% of its value over the last 24 hours.
“The final accumulation is happening,” said MN Capital founder Michaël van de Poppe, reacting to what has become a familiar event in short time frames for Bitcoin since the halving.
Van de Poppe explained that this includes the “low volatility” and choppy price action BTC has displayed since Feb. 29 and that the latest crash saw Bitcoin drop “back to the important area of support.”
“Not holding? Then we’re looking at $52-55K, which would be the final stage of the correction.”
However, those betting on a continuation of BTC’s recovery above $64,000 lost big on May 10, as the downturn liquidated $127 million in long positions worth amid a 24-hour total wipeout of $175.17 million.
With the latest drawdown, $9 million in BTC leveraged positions have been liquidated over the last hour alone, with $6.36 million of these being longs.
