According to Cointelegraph: Bitcoin (BTC) Price Plummets Below $60K, Reaching Lowest Point in Two Months
Bitcoin (BTC) traders are reeling from the sting of a $160 million liquidation as Bitcoin (BTC) price plummets to its lowest since February. Fresh lows hit (BTC) during the Asia trading session on May 1, pushing the price down to $57,082 on Bitstamp, a drop not seen in months.
This decrease reflects more than 20% losses in Q2, as the cryptocurrency market's sentiment worsens due to factors such as statements from US treasury secretary Janet Yellen.
Previously hawkish expectations of a liquidity boost from Yellen delivered a blow to crypto enthusiasts who had anticipated otherwise. Instead, Yellen's decision to pull liquidity from the market impacted risk appetite in crypto and other assets negatively.
Prior to this slump, warnings were already issued for Bitcoin and altcoins, with market stagnation since BTC/USD hit an all-time high in mid-March.
Now, crucial support levels are dwindling, providing little solace to bulls. Popular trader and analyst Rekt Capital advised investors to hold their nerves, stating, “If you must panic, at least wait for the almost two-month old support to breakdown first.”
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, proposed two potential (BTC) price trajectories, suggesting that unless the (BTC) value surpasses $61.5K again, a further downward trend is more likely.
The latest data from monitoring resource CoinGlass reported crypto liquidations at $470 million in 24 hours with Bitcoin (BTC) making up $160 million and Ethereum contributing $120 million. Despite the April monthly close coming before the BTC/USD dip below $60,000, April 2024 marked the pair's worst month since the low point of the 2022 bear market.
